EX-99.17(I) 5 a2045610zex-99_17i.txt SAR DATED 2/28/01 MERGING FUND -------------------------------------------------------------------------------- Semi-Annual Report February 28, 2001 (unaudited) JPMorgan Tax Free Funds Tax Free Income Fund Intermediate Tax Free Income Fund New York Intermediate Tax Free Income Fund New Jersey Tax Free Income Fund California Intermediate Tax Free Fund [LOGO]JPMorganFleming Asset Management -------------------------------------------------------------------------------- Contents Letter to the Shareholders ................................................ 1 JPMorgan Tax Free Income Fund Fund Commentary ............................. 3 JPMorgan Intermediate Tax Free Income Fund Fund Commentary ................ 5 JPMorgan New York Intermediate Tax Free Income Fund Fund Commentary ....... 7 JPMorgan New Jersey Tax Free Income Fund Fund Commentary .................. 9 JPMorgan California Intermediate Tax Free Fund Fund Commentary ............ 11 Portfolio of Investments .................................................. 13 Financial Statements ...................................................... 47 Notes to Financial Statements ............................................. 53 Highlights o The municipal bond market benefited from an influx of investors fleeing the volatile equity markets during the reporting period. o Lower interest rates led to strong total returns. o The California electric utility deregulation crisis had an impact on the market, leading to sharp underperformance by California municipal securities. ---------------------------------------------------- NOT FDIC INSURED | May lose value / No bank guarantee ---------------------------------------------------- JPMorgan Funds are distributed by J.P. Morgan Fund Distributors, Inc. -------------------------------------------------------------------------------- JPMorgan Tax Free Funds LETTER TO THE SHAREHOLDERS April 9, 2001 Dear Shareholder: We are pleased to present this semi-annual report for the JPMorgan Tax Free Income Funds for the six-month period ended February 28, 2001. As you are aware, a historic merger was completed on December 31, 2000 between JPMorgan and The Chase Manhattan Corp., creating JPMorgan Chase & Co. In an effort to give a common name to the mutual funds that draw upon the outstanding resources of the combined entity, your Fund's Trustees approved the proposal to re-name your Funds on February 28, 2001 as the JPMorgan Funds. Please be assured of our commitment to you, and know that the investment objectives and the account privileges of your Fund will remain unchanged. Inside you'll find in-depth information on each of the tax-free funds along with updates from the portfolio management team. As Economy Slows, Fixed Income Securities Rise As the reporting period began in September, the formerly red-hot U.S. economy was showing definite signs of slowing following a series of interest rate increases by the Federal Reserve Board that began in June 1999. While the country was focused on the Presidential election campaign and post-election drama, the slowdown accelerated and broadened much faster than was anticipated by most economists and market analysts. Investors who had come to favor equities over fixed income securities during the long bull market in stocks, particularly Nasdaq stocks, began to feel the pinch of the ongoing stock market correction in the fall. As they began to look for alternatives, the municipal bond market was a prime beneficiary. As 2000 drew to a close, the erratic supply of new issues in December sparked a sharp rise in municipal bond prices. Investors Snap Up New Supply With state and local governments looking to take advantage of the lower interest rate environment to issue and refund municipal bonds, long-term issuance was up 43% in the first two months of 2001 compared to the similar period in 2000. This new supply was met by investors, and over $2 billion flowed into long-term tax-free mutual funds. Of course, the market was further supported by the Fed's unexpected 50-basis point Fed Funds rate cut on January 3rd, a subsequent 50-basis point move at the end of January and the expectation that aggressive rate-cutting would continue. While municipal finances across the country remained strong and credit concerns were generally subdued, the electric utility deregulation crisis in California led to a sharp selloff in California issues. After trading at a premium for years, California bonds lost significant ground in the first two months of 2001 and, as the period ended, were no longer trading 1 JPMorgan Tax Free Funds -------------------------------------------------------------------------------- at lofty levels. While we are carefully monitoring the situation in California, in particular the impact of the new supply of General Obligation (GO) bonds that will likely have to be issued, we do not expect significant further deterioration relative to other states. New Resources, Same Commitment On behalf of the thousands of professionals working on your behalf, I thank you for the trust you have placed in us over the years and welcome you to the JPMorgan Family of Funds. We look forward to serving your investment needs for many years to come. Sincerely yours, /s/ George Gatch George Gatch Managing Director 2 -------------------------------------------------------------------------------- JPMorgan Tax Free Income Fund As of February 28, 2001 (Unaudited) HOW THE FUND PERFORMED JPMorgan Tax Free Income Fund, which seeks to provide tax-exempt income through higher-quality municipal bonds, had a total return of 5.42% (Class I shares, without sales charges) for the six months ended February 28, 2001. This compares to the 5.19% return from the Lehman Municipal Bond Index. HOW THE FUND WAS MANAGED A major factor in the fixed income markets in the final four months of 2000 was the compression in yields between bonds of higher and lower quality in a market with relatively little new supply. Therefore, a key aspect of management strategy involved upgrading quality and call protection, since the yield compression meant that the Fund could buy higher quality and better structured issues without giving up very much in terms of yield. Additionally, the management team maintained a longer-than-benchmark duration during almost all of the reporting period, which helped performance as interest rates fell given that longer-term securities fared better in the falling rate environment. To further benefit from falling rates, the management team moved out of premium coupon bonds and into discount coupons given the latter's higher interest-rate sensitivity. Having reduced exposure to California in November given what the management team considered to be overly rich price levels, the Fund was well positioned for the selloff in California bonds that accompanied the electric utility deregulation crisis. As the reporting period ended, the management team had begun switching from a focus on the 20-year portion of the yield curve to the 15-year area, effectively reducing the Fund's duration. LOOKING AHEAD The management team expects the Federal Reserve Board to continue cutting short-term interest rates in light of the ongoing economic slowdown. With the view that the sweet spot on the yield curve will be in the 15-17 year range, the management team may reduce exposure to 30-year discount coupon bonds that have gone up significantly in value and focus on premium issues in the desired 15-17 year maturity range. Finally, the Fund's underweight exposure to California is slowly and carefully being increased given what are the most attractive relative yield levels seen in years, with a focus on revenue bonds whose payment of principal and interest is not expected to be affected by the energy crisis. 3 JPMorgan Tax Free Income Fund -------------------------------------------------------------------------------- As of February 28, 2001 (Unaudited) AVERAGE ANNUAL TOTAL RETURNS 1 YEAR 5 YEARS 10 YEARS -------------------------------------------------------------------------------- CLASS A SHARES WITHOUT SALES CHARGE 12.12% 5.57% 6.78% WITH SALES CHARGE 7.13% 4.61% 6.29% -------------------------------------------------------------------------------- CLASS B SHARES WITHOUT CDSC 12.09% 5.57% 6.78% WITH CDSC 7.09% 5.25% 6.78% -------------------------------------------------------------------------------- CLASS I SHARES 12.12% 5.57% 6.78% -------------------------------------------------------------------------------- 10-YEAR PERFORMANCE (2/28/91 TO 2/28/01) [GRAPHIC OMITTED] Source: Lipper Analytical Services. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Sales charge for Class A Shares: 4.50%. Class B Shares CDSC: 5% for the one-year period, 2% for the five-year period and 0% for the ten-year period. Returns for Class I shares include performance of a predecessor account for the period dating back to 2/28/91, prior to the Fund's commencement of operations on 1/1/97. Returns for Class I shares are adjusted to reflect historical expenses at the levels indicated (absent reimbursements) in the Expense Summary as disclosed in the prospectus at the Fund's commencement of operations. The account was not registered with the Securities and Exchange Commission and, therefore, was not subject to the investment restrictions imposed by law on registered mutual funds. If it had been registered, the performance may have been adversely affected. Class A and B Shares were introduced on 2/16/01. Performance is based on the historical expenses of the predecessor Class I Shares, which are lower than the expenses for Class A and B Shares. The Fund is currently waiving fees. The waiver may be terminated, which would reduce performance. The graph illustrates comparative performance of $10,000 (Class I), and assumes reinvestment of all distributions. Performance of the unmanaged average and index does not include sales charges, but includes reinvestment of all distributions. The Lehman Municipal Bond Index is a broad-based index that replicates the long-term, investment grade tax-exempt bond market. The Lipper Index consists of funds that invest in municipal bonds. Investors cannot invest directly in an index. Capital gains are subject to federal income tax, a portion of the Fund's income may be subject to the Alternative Minimum Tax and some investors may be subject to certain state and local taxes. 4 -------------------------------------------------------------------------------- JPMorgan Intermediate Tax Free Income Fund As of February 28, 2001 (Unaudited) HOW THE FUND PERFORMED JPMorgan Intermediate Tax Free Income Fund had a total return of 4.72% (Class I shares, without sales charges) for the six months ended February 28, 2001. This compares to the 4.83% return of the Lehman Municipal Intermediate Mutual Fund Index and 4.64% from the Lehman Municipal Bond 3-10 Year Blend Index. HOW THE FUND WAS MANAGED A major factor in the fixed income markets in the final four months of 2000 was the compression in yields between bonds of higher and lower quality in a market with relatively little new supply. Therefore, a key aspect of management strategy involved upgrading quality and call protection, since the yield compression meant that the Fund could buy higher quality and better structured issues without giving up very much in terms of yield. Additionally, the management team maintained a longer-than-benchmark duration throughout most of the reporting period, which helped performance as interest rates fell given that longer-term securities fared better in the falling rate environment. To further benefit from falling rates, the management team moved out of premium coupon bonds and into discount coupons given the latter's higher interest-rate sensitivity. Having reduced exposure to California in November given what the management team considered to be overly rich price levels, the Fund was well positioned for the selloff in California bonds that accompanied the electric utility deregulation crisis. In the last two months of the reporting period, the management team further extended duration, selling bonds maturing in 2002/2003 and buying 13- to 16-year maturities. LOOKING AHEAD The management team expects the Federal Reserve Board to continue cutting short-term interest rates in light of the ongoing economic slowdown. With the view that the sweet spot on the yield curve will be in the 15-year range, the management team will continue its focus in this area. The Fund's underweight exposure to California is slowly and carefully being increased given what are the most attractive relative yield levels seen in years, with a focus on revenue bonds whose payment of principal and interest is not expected to be affected by the energy crisis. 5 JPMorgan Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- As of February 28, 2001 (Unaudited) AVERAGE ANNUAL TOTAL RETURNS 1 YEAR 5 YEARS 10 YEARS -------------------------------------------------------------------------------- 10.07% 5.34% 6.70% -------------------------------------------------------------------------------- 10-YEAR PERFORMANCE (2/28/91 TO 2/28/01) [GRAPHIC OMITTED] Source: Lipper Analytical Services. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Returns include performance of a predecessor account for the period dating back to 2/28/91, prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted to reflect historical expenses at the levels indicated (absent reimbursements) in the Expense Summary as disclosed in the prospectus at the Fund's commencement of operations. The account was not registered with the Securities and Exchange Commission and, therefore, was not subject to the investment restrictions imposed by law on registered mutual funds. If it had been registered, the performance may have been adversely affected. The Fund is currently waiving fees. The waiver may be terminated, which would reduce performance. The graph illustrates comparative performance of $10,000 (Class I), and assumes reinvestment of all distributions. Performance of the unmanaged average and indices does not include sales charges, but includes reinvestment of all distributions. The Lehman Municipal Bond 3-10 year Blend Index replicates the 3, 5, 7 and 10 year term investment grade tax-exempt bond market. The Lipper Index consists of funds that invest in intermediate tax-exempt municipal bonds. Investors cannot invest directly in an index. Capital gains are subject to federal income tax, a portion of the Fund's income may be subject to the Alternative Minimum Tax and some investors may be subject to certain state and local taxes. 6 -------------------------------------------------------------------------------- JPMorgan New York Intermediate Tax Free Income Fund As of February 28, 2001 (Unaudited) HOW THE FUND PERFORMED JPMorgan New York Intermediate Tax Free Income Fund, which seeks to provide tax-exempt income through higher-quality, longer-term municipal bonds, had a total return of 5.02% (Class I shares, without sales charges) for the six months ended February 28, 2001. This compares to the 4.78% return of the Lehman Intermediate NY Municipal Bond Index. HOW THE FUND WAS MANAGED A major factor in the fixed income markets during the first four months of the reporting period was the compression in yields between bonds of higher and lower quality in a market with relatively little new supply. Therefore, a key aspect of management strategy involved upgrading quality and call protection, since the yield compression meant that the Fund could buy higher quality and better structured issues without giving up very much in terms of yield. Although there was a brief supply bubble in early 2001 that caused a decompression in quality yields, it subsided rather quickly and the management team continued to upgrade quality, primarily by selling A-rated New York City General Obligation bonds and moving into insured bonds for minimal loss of yield. The management team maintained a longer-than-benchmark duration in the first part of the reporting period, which helped performance as interest rates fell given that longer-term securities fared better in the falling rate environment. To further benefit from falling rates, the management team moved out of premium coupon bonds and into discount coupons given the latter's higher interest-rate sensitivity. Duration was trimmed back in the latter part of the period as the management team focused on 15-20 year bonds at the expense of 30-year issues. When the New York supply bulge arrived, the management team was able to capture the higher yields associated with the heavy issuance. It achieved this by selling Puerto Rico bonds which were trading at high levels in light of the California electric utility deregulation crisis. Puerto Rico bonds are free of state and local income taxes and benefited from investors looking to get out of California issues while maintaining state tax free income. LOOKING AHEAD The management team expects the Federal Reserve Board to continue cutting short-term interest rates in light of the ongoing economic slowdown and, therefore, anticipates maintaining a long duration relative to its new intermediate-term benchmark. With the view that the sweet spot on the yield curve will be in the 15-17 year range, the management team may further reduce exposure to longer-term discount coupon bonds that have gone up significantly in value and focus on premium issues in the desired 15-17 year maturity range. 7 JPMorgan New York Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- As of February 28, 2001 (Unaudited) AVERAGE ANNUAL TOTAL RETURNS 1 YEAR 5 YEARS 10 YEARS -------------------------------------------------------------------------------- CLASS A SHARES WITHOUT SALES CHARGE 10.81% 5.44% 6.46% WITH SALES CHARGE 5.83% 4.48% 5.97% -------------------------------------------------------------------------------- CLASS B SHARES WITHOUT CDSC 10.79% 5.44% 6.46% WITH CDSC 5.79% 5.11% 6.46% -------------------------------------------------------------------------------- CLASS I SHARES 10.81% 5.44% 6.46% -------------------------------------------------------------------------------- 10-YEAR PERFORMANCE (2/28/91 TO 2/28/01) [GRAPHIC OMITTED] Source: Lipper Analytical Services. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Sales charge for Class A Shares: 4.50%. Class B Shares CDSC: 5% for the one-year period, 2% for the five-year period and 0% for the ten-year period. Returns for Class I shares include performance of a predecessor account for the period dating back to 2/28/91, prior to the Fund's commencement of operations on 1/1/97. Returns for Class I shares are adjusted to reflect historical expenses at the levels indicated (absent reimbursements) in the Expense Summary as disclosed in the prospectus at the Fund's commencement of operations. The account was not registered with the Securities and Exchange Commission and, therefore, was not subject to the investment restrictions imposed by law on registered mutual funds. If it had been registered, the performance may have been adversely affected. Class A and B Shares were introduced on 2/16/01. Performance is based on the historical expenses of the predecessor Class I Shares, which are lower than the expenses for Class A and B Shares. The Fund is currently waiving fees. The waiver may be terminated, which would reduce performance. The graph illustrates comparative performance of $10,000 (Class I), and assumes reinvestment of all distributions. Performance of the unmanaged average and index does not include sales charges, but includes reinvestment of all distributions. Comparison of Fund performance to the Lehman Intermediate New York Municipal Bond Index is not presented as the Index lacks ten years of history. The Lehman Municipal Bond Index is a broad-based index that replicates the long-term, investment grade tax-exempt bond market. The Lipper Index consists of funds that invest in New York intermediate tax-exempt municipal bonds. Investors cannot invest directly in an index. Capital gains are subject to federal income tax, a portion of the Fund's income may be subject to the Alternative Minimum Tax and some investors may be subject to certain state and local taxes. 8 -------------------------------------------------------------------------------- JPMorgan New Jersey Tax Free Income Fund As of February 28, 2001 (Unaudited) HOW THE FUND PERFORMED JPMorgan New Jersey Tax Free Income Fund had a total return of 5.92% (Class A shares, without sales charges) for the six months ended February 28, 2001. This compares to the 4.67% return from the Lehman Quality Intermediate Index and the 5.19% return from the Lehman Municipal Bond Index. HOW THE FUND WAS MANAGED A major factor in the fixed income markets in the final four months of 2000 was the compression in yields between bonds of higher and lower quality in a market with relatively little new supply. Therefore, a key aspect of management strategy involved upgrading quality and call protection, since the yield compression meant that the Fund could buy higher quality and better structured issues without giving up very much in terms of yield. Additionally, the management team extended duration early in the reporting period to take advantage of falling interest rates that accompanied the U.S. economic slowdown. The Fund also sold Puerto Rico bonds which were trading at high levels in line with California issues in the latter part of 2000 (income from Puerto Rico bonds is exempt from California state income taxes). With the proceeds, the Fund purchased New Jersey bonds. To further benefit from falling rates, the management team began moving out of premium coupon bonds and into discount coupons given the latter's higher interest-rate sensitivity. This focus on discount coupon bonds proved beneficial in late 2000 and throughout the first two months of 2001. The Fund held its long duration into 2001 and continued to take advantage of high prices on Puerto Rico bonds by selling them and buying New Jersey bonds with 15- to 20-year maturities. LOOKING AHEAD The management team expects the Federal Reserve Board to continue cutting short-term interest rates in light of the ongoing economic slowdown. With the view that the sweet spot on the yield curve will be in the 15-17 year range, the management team will continue its focus in the area. 9 JPMorgan New Jersey Tax Free Income Fund -------------------------------------------------------------------------------- As of February 28, 2001 (Unaudited) AVERAGE ANNUAL TOTAL RETURNS 1 YEAR 5 YEARS 10 YEARS -------------------------------------------------------------------------------- 12.51% 5.24% 6.02% -------------------------------------------------------------------------------- 10-YEAR PERFORMANCE (2/28/91 TO 2/28/01) [GRAPHIC OMITTED] Source: Lipper Analytical Services. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Returns include performance of a predecessor account for the period dating back to 2/28/91, prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted to reflect historical expenses at the levels indicated (absent reimbursements) in the Expense Summary as disclosed in the prospectus at the Fund's commencement of operations. The account was not registered with the Securities and Exchange Commission and, therefore, was not subject to the investment restrictions imposed by law on registered mutual funds. If it had been registered, the performance may have been adversely affected. The Fund is currently waiving fees. The waiver may be terminated, which would reduce performance. The graph illustrates comparative performance of $10,000 (Class I), and assumes reinvestment of all distributions. Performance of the unmanaged average and indices does not include sales charges, but includes reinvestment of all distributions. Comparison of Fund performance to the Lehman Quality Intermediate Index is not presented as the Index lacks ten years of history. The Lehman Municipal Bond Index is a broad-based index that replicates the long-term, investment grade tax-exempt bond market. The Lehman 7-Year Municipal Bond Index replicates the intermediate-term, investment grade tax-exempt bond market. The Lipper Average consists of funds that invest in New Jersey tax-exempt municipal bonds. Investors cannot invest directly in an index. Capital gains are subject to federal income tax, a portion of the Fund's income may be subject to the Alternative Minimum Tax and some investors may be subject to certain state and local taxes. 10 -------------------------------------------------------------------------------- JPMorgan California Intermediate Tax Free Fund As of February 28, 2001 (Unaudited) HOW THE FUND PERFORMED JPMorgan California Intermediate Tax Free Fund, which seeks to provide tax-exempt income through high-quality municipal bonds, had a total return of 4.50% (Class A shares, without sales charges) for the six months ended February 28, 2001. This compares to the 3.86% return of the Lehman California Intermediate Municipal Bond Index. HOW THE FUND WAS MANAGED A major factor in the fixed income markets in the final four months of 2000 was the compression in yields between bonds of higher and lower quality in a market with relatively little new supply. In late 2000, zero coupon bonds in the 10-15 year range had not compressed as much and, therefore, the management team focused its new purchases in these bonds. The Fund also sold some Puerto Rico and other territorial bonds (whose income is free of California state income taxes) to go back into some California issues that were cheaper on a relative basis. With the onset of the energy crunch in late 2000, the management team rotated out of the sector into more liquid names. Moving into 2001, the Fund had a large cash position. This helped relative performance dramatically as the energy crunch turned into a full-scale crisis that caused California bonds to sharply underperform issues from other states. Fortunately, the Fund owned no California General Obligation (GO) bonds and therefore was able to avoid the worst of the crisis. As California issues sold off, prices fell to relative levels not seen in many years, prompting the management team to begin carefully moving back into California issues using the proceeds from additional sales of Puerto Rico bonds. However, the Fund focused on revenue bonds whose payment of principal and interest is not expected to be affected by the energy crisis. LOOKING AHEAD The management team expects the Federal Reserve Board to continue cutting short-term interest rates in light of the ongoing economic slowdown. While carefully monitoring the situation in California, the management team will look to continue to purchase California revenue bonds that have sold off along with other issues during the crisis but whose payment streams are far more secure. Accordingly, it is expected to continue to avoid General Obligation bonds which are likely to underperform as new supply is created to end the crisis. 11 JPMorgan California Intermediate Tax Free Fund -------------------------------------------------------------------------------- As of February 28, 2001 (Unaudited) AVERAGE ANNUAL TOTAL RETURNS SINCE INCEPTION 1 YEAR 5 YEARS 7/16/93 -------------------------------------------------------------------------------- CLASS A SHARES WITHOUT SALES CHARGE 11.20% 5.65% 5.49% WITH SALES CHARGE 6.23% 4.69% 4.85% -------------------------------------------------------------------------------- LIFE OF FUND PERFORMANCE (7/16/93 TO 2/28/01) [GRAPHIC OMITTED] Source: Lipper Analytical Services. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Sales charge for Class A Shares: 4.50%. The graph illustrates comparative performance of $10,000 (Class A), assumes reinvestment of all distributions and includes a 4.50% sales charge. Performance of the unmanaged average and indices does not include sales charges, but includes reinvestment of all distributions. The Lehman Municipal Bond Index is a broad-based index that replicates the long-term, investment grade tax-exempt bond market. The Lehman California Intermediate Municipal Bond Index replicates the California intermediate-term, investment grade tax-exempt bond market. The Lipper Average consists of funds that invest in California intermediate-term, investment-grade municipal bonds. Investors cannot invest directly in an index. Capital gains are subject to federal income tax, a portion of the Fund's income may be subject to the Alternative Minimum Tax and some investors may be subject to certain state and local taxes. 12 -------------------------------------------------------------------------------- JPMorgan Tax Free Income Fund Portfolio of Investments As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- 97.4% --------------------------------------------------------------------------------------------- Alabama- 0.5% $ 4,000 Jefferson County, Alabama, Sewer, Ser. D, Warrants, Rev., 5.75%, 02/01/22 $ 4,165 Arizona- 0.8% 5,300 Pima County, Arizona, Unified School District No. 1, Tucson, GO, 7.50%, 07/01/10 6,586 Arkansas- 0.6% 5,000 Arkansas State, Federal Highway Grant Anticipation, Ser. A, GO, 5.25%, 08/01/05 5,297 California- 9.7% 2,000 California State, GO, 6.50%, 11/01/09 2,359 1,000 California State, Ser. B, GO, 10.00%, 08/01/02 1,091 1,000 California State, Veterans Bonds, Ser. AM, GO, 9.00%, 10/01/05 1,221 21,000 California Statewide Communities Development Authority, Sherman Oaks Project, Ser. A, Rev., 5.00%, 08/01/22 20,889 7,000 Corona, California, Public Financing Authority, Water Utility Improvements, Rev., 4.75%, 09/01/28 6,517 1,000 Fullerton University Foundation, California, Auxiliary Organization, Ser. A, Rev., 5.75%, 07/01/30 1,062 21,000 Los Angeles, California, Department of Water & Power, Ser. A, Rev., 5.13%, 07/01/41 20,244 4,000 Los Angeles, California, Harbor Department, Rev., ^, 7.60%, 10/01/18 5,108 1,235 Metropolitan Water District of Southern California, Ser. A, GO, 5.25%, 03/01/14 1,303 3,000 Modesto, California, Irrigation District Financing Authority, Ser. A, Rev., 6.00%, 10/01/15 3,279 9,930 Pomona, California, Unified School District, Ser. A, GO, 6.15%, 08/01/15 11,456 13,600 San Joaquin Hills, California, Transportation Corridor Agency, Cabs, Senior-Lien, Rev., ^, 0.00%, 01/01/24 4,054 2,800 South Orange County, California, Public Financing Authority, Special Tax, Senior Lien, Ser. A, 6.20%, 09/01/13 3,023 -------- 81,606 Colorado- 2.7% 1,190 Adams County, Colorado, School District No. 12, GO, 6.20%, 12/15/10 1,262 1,145 Colorado Water Resources & Power Development Authority, Drinking Water, Ser. A, Rev., 5.25%, 09/01/11 1,225 360 Colorado Water Resources & Power Development Authority, Drinking Water, Ser. A, Rev., 5.25%, 09/01/13 380 2,000 Denver, Colorado, City & County Airport, Ser. A, Rev., 6.00%, 11/15/17 2,155 1,000 Douglas County, Colorado, Sales & Use Tax, Open Space, Rev., 5.35%, 10/15/14 1,048 6,000 Garfield, Pitkin & Eagle Counties, Colorado, School District No. Re 1 Roarge, GO, ^, 6.60%, 06/15/04 6,599
See notes to financial statements. 13 JPMorgan Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- Colorado- Continued $ 3,050 Platte River Power Authority, Colorado, Ser. DD, Rev., 6.00%, 06/01/05 $ 3,300 4,400 Platte River Power Authority, Colorado, Ser. DD, Rev., 6.00%, 06/01/06 4,818 1,620 Platte River Power Authority, Colorado, Ser. DD, Rev., 6.00%, 06/01/07 1,790 -------- 22,577 Connecticut- 0.7% 4,455 Connecticut State Housing Finance Authority, Housing Mortgage Finance Program, Ser. C1, Rev., 6.60%, 11/15/23 4,625 1,700 Mashantucket Western Pequot Tribe, Connecticut, Special Obligation, Sub. Ser. A, Rev., 5.50%, 09/01/28 1,583 -------- 6,208 Delaware- 0.7% 5,000 Delaware State, Economic Development Authority, Osteopathic Hospital Association of Delaware, Ser. A, Rev., ^, 6.90%, 01/01/18 5,964 Florida- 5.0% 3,715 Broward County, Florida, Resource Recovery, SES Broward Co. LP South Project, Rev., 7.95%, 12/01/08 3,807 2,200 Dade County, Florida, Special Obligation, Miami Beach Convention Center Project, Special Tax, 8.63%, 12/01/07 2,664 5,000 Daytona Beach, Florida, Water & Sewer, Ser. 1978, Rev., ^, 6.75%, 11/15/07 5,331 5,000 Florida State, Board of Education, Lottery, Ser. C, Rev., 4.50%, 07/01/18 4,578 3,000 Florida State, Division of Bond Finance Dept., General Services, Department of Environmental Protection, Preservation 2000, Ser. A, Rev., 5.38%, 07/01/11 3,224 3,670 Greater Orlando Aviation Authority, Orlando, Florida, Airport Facilities, Ser. A, Rev., 6.50%, 10/01/12 3,880 3,205 Hillsborough County, Florida, Aviation Authority, Tampa International Airport, Ser. B, Rev., 6.00%, 10/01/18 3,617 3,800 Lakeland, Florida, Electric & Water, First Lien, Ser. B, Rev., 6.05%, 10/01/14 4,356 1,295 Orange County, Florida, Health Facilities Authority, Ser. A, Rev., 6.25%, 10/01/12 1,490 3,130 Orange County, Florida, Health Facilities Authority, Ser. A, Rev., ^, 6.25%, 10/01/12 3,651 680 Orange County, Florida, Health Facilities Authority, Ser. C, Rev., 6.25%, 10/01/12 783 1,630 Orange County, Florida, Health Facilities Authority, Ser. C, Rev., ^, 6.25%, 10/01/12 1,901 2,505 Orange County, Florida, Tourist Development, Ser. A, GO, 6.50%, 10/01/10 2,662 495 Orange County, Florida, Tourist Development, Ser. A, Rev., ^, 6.50%, 10/01/10 528 -------- 42,472
See notes to financial statements. 14 JPMorgan Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- Georgia- 6.4% $ 5,000 Burke County, Georgia, Development Authority PCR, Oglethorpe Power Co., Rev., ^, 8.00%, 01/01/03 $ 5,531 10,000 Dalton, Georgia, Development Authority, Rev., 5.50%, 08/15/26 10,493 7,645 De Kalb County, Georgia, Housing Authority, Apartment Development, Fox Hollow Apartments, Rev., ^, 7.00%, 05/15/07 8,836 1,000 De Kalb County, Georgia, Water & Sewer Systems, Rev., 5.25%, 10/01/11 1,074 7,000 Georgia Municipal Electric Authority, Power, Ser. Z, Rev., 5.50%, 01/01/20 7,467 15 Georgia State, Residential Finance Authority, Single Family Mortgage, Ser. A, Rev., 8.40%, 12/01/18 15 5,000 Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax, Second Indenture, Ser. A, Rev., ^, 6.90%, 07/01/04 5,594 10,485 Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax, Ser. P, Rev., 6.25%, 07/01/20 12,154 3,110 Savannah, Georgia, Economic Development Authority, College of Art & Design Inc. Project, Rev., 6.60%, 10/01/15 3,249 -------- 54,413 Hawaii- 0.7% 5,000 Honolulu, Hawaii, City & County, Ser. A, GO, 7.35%, 07/01/08 5,961 Illinois- 1.6% 75 Chicago, Illinois, O'Hare International Airport, Ser. A, Rev., 7.50%, 01/01/03 76 3,990 Cook County, Illinois, Community High School District No. 219, Niles Township, GO, 8.00%, 12/01/15 5,339 862 Illinois Health Facilities Authority, Ser. A, Rev., ^, 7.90%, 08/15/03 922 892 Illinois Health Facilities Authority, Ser. A, Rev., ^, 7.90%, 08/15/03 895 3,250 Illinois Housing Development Authority, Multi-Family Housing, Ser. 1991-A, Rev., 8.25%, 07/01/16 3,348 2,425 Regional Transportation Authority, Illinois, Rev., 6.25%, 07/01/15 2,806 -------- 13,386 Indiana- 1.5% 13,000 Indiana Health Facilities Financing Authority, Clarian Health Obligation Group, Rev., 5.50%, 02/15/30 13,128 Kentucky- 1.1% 8,000 Louisville & Jefferson County, Kentucky, Metropolitan Sewer District, Sewer & Drain System, Ser. A, Rev., ^, 6.50%, 11/15/04 8,922 Louisiana- 1.1% 2,000 Orleans Parish, Louisiana, School Board, Defeased, Rev., ^, 8.85%, 02/01/06 2,439 2,000 Orleans Parish, Louisiana, School Board, Defeased, Rev., ^, 8.90%, 02/01/07 2,510 4,000 Orleans Parish, Louisiana, School Board, GO, ^, 7.50%, 09/01/05 4,610 -------- 9,559
See notes to financial statements. 15 JPMorgan Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- Massachusetts- 2.3% $ 3,500 Chelsea, Massachusetts, School Project Loan Act of 1948, GO, ^, 6.50%, 06/15/04 $ 3,871 2,750 Haverhill, Massachusetts, Unlimited Tax, Ser. A, GO, ^, 7.00%, 06/15/02 2,926 9,000 Massachusetts State, Port Authority, Ser. B, Rev., 5.50%, 07/01/13 9,420 1,000 New England Education Loan Marketing Corp., Massachusetts Student Loan, Sub-Issue H, Rev., 6.90%, 11/01/09 1,117 2,015 South Essex, Massachusetts, Sewer District, Ser. B, GO, ^, 6.75%, 06/01/04 2,242 -------- 19,576 Michigan- 0.2% 1,000 Michigan State, Housing Development Authority, Rental Housing, Ser. B, Rev., 7.55%, 04/01/23 1,022 500 Wayne County, Michigan, Building Authority, Ser. A, GO, ^, 8.00%, 03/01/02 532 -------- 1,554 Minnesota- 1.2% 2,670 Anoka-Hennepin, Minnesota, Independent School District No. 11, Center Enhancement Program, Ser. A, GO, 5.00%, 02/01/12 2,771 4,175 Anoka-Hennepin, Minnesota, Independent School District No. 11, Center Enhancement Program, Ser. A, GO, 5.00%, 02/01/13 4,300 2,845 Anoka-Hennepin, Minnesota, Independent School District No. 11, Center Enhancement Program, Ser. A, GO, 5.00%, 02/01/18 2,842 -------- 9,913 Mississippi- 0.7% 5,500 Mississippi State, GO, 5.50%, 09/01/10 6,002 Missouri- 0.1% 1,105 Sikeston, Missouri, Electric, Rev., 6.00%, 06/01/16 1,250 Montana- 0.3% 2,320 Montana State, Long-Range Building Program, Ser. B, GO, 4.50%, 08/01/15 2,253 Nevada- 0.0% 65 Nevada Housing Division, Single Family Housing, Ser. A-3, Rev., 8.20%, 10/01/19 67 New Hampshire- 0.4% 3,240 Manchester, New Hampshire, Housing & Redevelopment Authority, Ser. A, Rev., 6.75%, 01/01/15 3,495 New Jersey- 3.9% 4,200 Freehold, New Jersey, Regional High School, GO, 5.60%, 03/01/16 4,464 3,455 Middletown Township, New Jersey, Board of Education, GO, ^, 5.80%, 08/01/07 3,814 5,215 New Jersey Economic Development Authority, Educational Testing Service, Ser. B, Rev., ^, 6.25%, 05/15/05 5,811 1,500 New Jersey Sports & Exposition Authority, Rev., ^, 1,625 8.30%, 01/01/03
See notes to financial statements. 16 JPMorgan Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- New Jersey- Continued $ 2,905 New Jersey Sports & Exposition Authority, Ser. A, Rev., 6.50%, 03/01/19 $ 3,039 565 New Jersey Sports & Exposition Authority, Ser. A, Rev., ^, 6.50%, 03/01/02 594 1,500 New Jersey State, Educational Facilities Authority, Fairleigh Dickinson University, Ser. G, Rev., 5.70%, 07/01/28 1,356 5,000 New Jersey State, Highway Authority, Garden State Parkway, Rev., 6.20%, 01/01/10 5,712 1,000 New Jersey State, Transportation Trust Fund Authority, Transportation Systems, Ser. A, Rev., 5.75%, 06/15/15 1,112 5,000 New Jersey State, Transportation Trust Fund Authority, Transportation Systems, Ser. B, Rev., 6.50%, 06/15/10 5,873 -------- 33,400 New York- 24.7% 3,000 Nassau County, New York, IDA, Civic Facility, Hofstra University Project, Rev., ^, 6.75%, 08/01/01 3,103 440 New York City, New York, IDA, Civic Facility, Mt. St. Vincent College, Rev., 7.00%, 05/01/08 468 2,250 New York City, New York, IDA, IDR, Brooklyn Navy Yard Cogen Partners Project, Rev., 5.75%, 10/01/36 2,079 3,500 New York City, New York, IDA, IDR, Brooklyn Navy Yard Cogen Partners Project, Rev., 6.20%, 10/01/22 3,535 5,000 New York City, New York, IDA, Special Facilities, British Airways PLC Project, Rev., 5.25%, 12/01/32 4,493 7,500 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Rev., 5.66%, 06/15/33 7,714 6,565 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. A, Rev., 5.50%, 06/15/23 6,670 2,850 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. A, Rev., 5.75%, 06/15/30 2,988 2,000 New York City, New York, Ser. A, GO, 5.38%, 08/01/15 2,062 12,000 New York City, New York, Ser. A, GO, 6.25%, 08/01/08 13,363 2,450 New York City, New York, Ser. A, GO, 6.25%, 08/01/09 2,714 4,000 New York City, New York, Ser. B, GO, 6.50%, 08/15/10 4,668 8,000 New York City, New York, Transitional Finance Authority, Future Tax Secured, Ser. C, Rev., 5.50%, 11/01/24 8,256 9,000 New York City, New York, Transitional Finance Authority, Future Tax Secured, Ser. C, Rev., 5.50%, 11/01/29 9,264 7,160 New York State, Dorm Authority, City University System, 3rd General Reserve, Ser. 2, Rev., 5.00%, 07/01/18 7,110 5,000 New York State, Dorm Authority, City University System, Ser. A, Rev., 5.75%, 07/01/13 5,572 1,500 New York State, Dorm Authority, Nursing Home, Ser. A, Rev., 5.50%, 08/01/30 1,530 2,000 New York State, Dorm Authority, Pratt Institute, Rev., 6.00%, 07/01/28 2,135 4,500 New York State, Dorm Authority, University of Rochester, Ser. A, Rev., 6.40%, 07/01/13 4,898 6,000 New York State, Energy Research & Development Authority, PCR, Niagara Mohawk Power Corp., Ser. A, Rev., 7.20%, 07/01/29 6,638
See notes to financial statements. 17 JPMorgan Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- New York- Continued $ 2,000 New York State, Environmental Facilities Corp., PCR, Ser. B, Rev., 7.10%, 09/15/11 $ 2,046 2,650 New York State, Environmental Facilities Corp., PCR, Ser. D, Rev., 6.85%, 11/15/11 2,968 4,100 New York State, GO, ^, 6.30%, 09/15/02 4,359 435 New York State, Housing Finance Agency, Health Facilities, Monroe County, Ser. A, Rev., 7.63%, 05/01/05 446 4,000 New York State, Housing Finance Agency, State University Construction, Ser. A, Rev., ^, 7.90%, 11/01/06 4,523 5,500 New York State, Local Government Assistance Corp., Ser. C, Rev., ^, 7.00%, 04/01/01 5,628 2,780 New York State, Medical Care Facilities Finance Agency, Hospital and Nursing Home, Ser. C, Rev., ^, 6.25%, 08/15/12 3,016 2,000 New York State, Medical Care Facilities Finance Agency, Special Obligation, Mental Health Services Improvement Facilities, Ser. A, Rev., ^, 8.30%, 05/01/04 2,261 10,155 New York State, Mortgage Agency, Homeowner Mortgage, Ser. 85, Rev., 5.70%, 10/01/17 10,587 5,000 New York State, Ser. F, GO, 5.25%, 09/15/10 5,326 2,500 New York State, Urban Development Corp., Correctional Capital Facilities, Rev., 5.70%, 01/01/27 2,597 2,000 Niagara, New York, Frontier Transportation Authority, Greater Buffalo International Airport, Ser. B, Rev., 5.75%, 04/01/04 2,106 4,000 Port Authority of New York & New Jersey, Consolidated Bonds 109th Ser., Rev., 5.38%, 01/15/32 4,061 11,500 Port Authority of New York & New Jersey, Consolidated Bonds 114th Ser., Rev., 4.75%, 08/01/33 10,727 6,270 Port Authority of New York & New Jersey, Consolidated Bonds 78th Ser., Rev., 6.50%, 04/15/11 6,524 26,000 Port Authority of New York & New Jersey, Consolidated Bonds 93rd Ser., Rev., 6.13%, 06/01/94 29,412 9,000 Triborough Bridge & Tunnel Authority, New York, Convention Center Project, Ser. E, Rev., 7.25%, 01/01/10 10,374 2,000 Utica, New York, IDA, Civic Facility, Munson-Williams-Proctor Institute Project, Ser. A, Rev., 5.38%, 07/15/19 2,023 -------- 208,244 North Dakota- 0.7% 5,000 Mercer County, North Dakota, PCR, Antelope Valley Station, Rev., 7.20%, 06/30/13 6,103 Ohio- 3.1% 11,000 Cleveland, Ohio, Public Power System, First Mortgage, Ser. A, Rev., ^, 7.00%, 11/15/04 12,444 2,000 Dublin, Ohio, Refunding & Public Improvement, Ser. A, GO, 5.25%, 12/01/14 2,093 12,000 Hamilton County, Ohio, Sales Tax, Sub. Ser. B, Rev., Aaa, 5.25%, 12/01/32 12,044 -------- 26,581
See notes to financial statements. 18 JPMorgan Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- Oklahoma- 1.8% $ 1,960 Oklahoma Housing Finance Agency, Single Family Housing, Ser. B-2, Rev., 6.80%, 09/01/26 $ 2,122 7,500 Oklahoma State, Turnpike Authority, Second Ser., Ser. A, Rev., 5.25%, 01/01/13 7,903 5,000 Tulsa, Oklahoma, Metropolitan Utility Authority, Rev., 5.75%, 09/01/19 5,189 -------- 15,214 Oregon- 3.3% 5,780 Oregon State, Higher Education Building, Ser. A, GO, ^, 6.45%, 08/01/04 6,346 11,565 Portland, Oregon, Sewer Systems, Ser. A, Rev., 5.00%, 06/01/15 11,688 3,900 Salem, Oregon, Hospital Facilities Authority, Salem Hospital, Rev., 5.25%, 08/15/14 3,987 5,000 Washington County, Oregon, Sewer Agency, Senior Lien, Ser. A, Rev., 5.75%, 10/01/10 5,561 -------- 27,582 Pennsylvania- 2.4% 2,255 Allegheny County, Pennsylvania, Hospital Development Authority, South Hills Health, Ser. B, Rev., 6.75%, 05/01/25 2,363 1,000 Allegheny County, Pennsylvania, IDA, Health Care Facilities, Presbyterian Senior Care, Rev., 5.75%, 01/01/23 802 3,190 Carbon County, Pennsylvania, IDA, Panther Creek Partners Project, Rev., 6.65%, 05/01/10 3,269 13,500 Delaware Valley, Pennsylvania, Regional Finance Authority, Local Government, Ser. A, Rev., 5.50%, 08/01/28 14,172 -------- 20,606 Puerto Rico- 6.1% 5,655 Puerto Rico Commonwealth, GO, 6.00%, 07/01/16 6,485 5,000 Puerto Rico Commonwealth, Highway & Transportation Authority, Ser. B, Rev., 6.00%, 07/01/39 5,418 1,500 Puerto Rico Commonwealth, Highway & Transportation Authority, Ser. T, Rev., ^, 6.63%, 07/01/02 1,589 60 Puerto Rico Commonwealth, Urban Renewal & Housing Corp., Rev., 7.88%, 10/01/04 61 25,300 Puerto Rico Electric Power Authority, Ser. HH, Rev., 5.25%, 07/01/29 25,620 5,000 Puerto Rico Electric Power Authority, Ser. Y, Rev., 7.00%, 07/01/07 5,869 2,500 Puerto Rico Municipal Finance Agency, Ser. A, GO, 6.00%, 08/01/15 2,798 3,000 Puerto Rico Public Buildings Authority, Government 3,525 Facilities, Ser. A, Rev., 6.25%, 07/01/11 -------- 51,365
See notes to financial statements. 19 JPMorgan Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- South Carolina- 1.3% $ 6,000 Richland County, South Carolina, School District No. 1, GO, 4.63%, 03/01/22 $ 5,519 250 South Carolina State, Housing Finance & Development Authority, Multi-Family Housing, Fairway Apartments Project, Rev., 7.63%, 04/01/33 255 5,000 South Carolina State, Public Service Authority, Ser. A, Rev., 6.25%, 01/01/22 5,358 -------- 11,132 South Dakota- 0.4% 3,000 Heartland Consumers Power District, Rev., ^, 7.00%, 01/01/16 3,543 100 South Dakota Housing Development Authority, Homeownership Mortgage, Ser. A, Rev., 5.88%, 05/01/12 104 -------- 3,647 Tennessee- 0.7% 3,000 Knox County, Tennessee, Health, Educational & Housing Facilities Board, University Health Systems Inc., Rev., 5.63%, 04/01/29 2,798 3,000 Metropolitan Government of Nashville & Davidson Counties, Tennessee, Water & Sewer, Rev., 5.20%, 01/01/13 3,174 -------- 5,972 Texas- 10.3% 6,500 Austin, Texas, Utility System, Rev., 6.00%, 11/15/13 7,382 2,000 Austin, Texas, Utility System, Ser. A, Rev., ^, 8.00%, 05/15/01 2,020 7,000 Dallas-Fort Worth, Texas, International Airport Facilities Improvement Corp., American Airlines Inc., Rev., 6.38%, 05/01/35 6,990 2,115 Dallas-Fort Worth, Texas, Regional Airport, Ser. A, 7.38%, 11/01/08 2,375 2,945 Dallas-Fort Worth, Texas, Regional Airport, Ser. A, 7.38%, 11/01/09 3,307 2,000 Dallas-Fort Worth, Texas, Regional Airport, Ser. A, 7.38%, 11/01/11 2,236 9,000 Houston, Texas, Airport Systems, Sub-Lien, Ser. B, Rev., 5.50%, 07/01/30 9,184 59,100 Houston, Texas, Water & Sewer Systems, Capital Appreciation, Junior Lien, Ser. A, Rev., 0.00%, 12/01/19 21,872 2,500 Houston, Texas, Water Conveyance System, Ser. F, COP, 7.20%, 12/15/05 2,835 2,000 Houston, Texas, Water Conveyance System, Ser. F, COP, 7.20%, 12/15/06 2,306 2,400 Klein, Texas, Independent School District, Ser. A, GO, 5.00%, 08/01/17 2,403 10,000 Lewisville, Texas, Independent School District, GO, 5.00%, 08/15/17 9,878 5,000 Plano, Texas, Independent School District, GO, 5.25%, 02/15/15 5,145 8,500 Texas Water Development Board, State Revolving Fund, Senior Lien, Ser. B, Rev., 5.13%, 07/15/18 8,509 -------- 86,442
See notes to financial statements. 20 JPMorgan Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- Utah- 0.1% $ 1,000 Sevier County, Utah, Sevier School District, GO, ^, $ 1,116 9.20%, 05/01/03 Virgin Islands- 0.3% 3,000 Virgin Islands Public Finance Authority, Senior Lien, 2,915 Ser. A, Rev., 5.50%, 10/01/22 Washington- 0.0% 250 Washington State, Public Power Supply System, 289 Nuclear Project No. 1, Ser. B, Rev., 7.25%, 07/01/09 --------------------------------------------------------------------------------------------- Total Long-Term Municipal Securities 824,962 (Cost $784,348) --------------------------------------------------------------------------------------------- Short-Term Investments- 2.4% --------------------------------------------------------------------------------------------- Municipal Securities- 1.3% --------------------------- California- 0.0% 100 California PCFA, Resource Recovery, OMS Equity 100 Stanislaus Project, Rev., FRDO, 1.50%, 03/01/01 100 Irvine Ranch, California, Water District, Consolidated 100 Bonds, Rev., FRDO, 1.50%, 03/01/01 ------- 200 New Jersey- 0.1% 1,000 New Jersey Economic Development Authority, El Dorado 1,000 Terminals, Ser. B, Rev., FRDO, 2.80%, 03/01/01 Alabama - 1.2% 4,000 Stevenson, Alabama, Industrial Development Board, 4,000 Environmental Improvement, Mead Corp. Project, Ser. B, Rev., FRDO, 3.15%, 03/01/01 6,000 Stevenson, Alabama, Industrial Development Board, 6,001 Environmental Improvement, The Mead Corp. Project, Rev., FRDO, 3.15%, 03/01/01 -------------------------------------------------------------------------- Total Municipal Securities 11,201 (Cost $11,201) --------------------------------------------------------------------------------------------- Shares Money Market Funds- 1.1% ------------------------- 4,389 Provident Municipal Cash Money Market Fund 4,389 5,174 Provident Municipal Money Market Fund 5,174 -------------------------------------------------------------------------- Total Money Market Funds 9,563 (Cost $9,563) --------------------------------------------------------------------------------------------- Total Short-Term Investments 20,764 (Cost $20,764) --------------------------------------------------------------------------------------------- Total Investments-- 99.8% $845,726 (Cost $805,112) ---------------------------------------------------------------------------------------------
See notes to financial statements. 21 -------------------------------------------------------------------------------- JPMorgan Intermediate Tax Free Income Fund Portfolio of Investments As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- 97.8% --------------------------------------------------------------------------------------------- Alabama- 1.8% $ 8,485 Alabama State, Public School & College Authority, Capital Improvement, Ser. D, Rev., 5.25%, 08/01/05 $ 8,975 2,650 Alabama State, Ser. A, GO, 5.50%, 10/01/02 2,732 1,000 Shelby County, Alabama, Board of Education, Capital Outlay School Warrants, 5.70%, 02/01/09 1,070 --------- 12,777 California- 0.8% 5,000 Los Angeles County, California, Public Works Financing Authority, Regional Park & Open Space District, Ser. A, Rev., ^, 6.00%, 10/01/04 5,512 Colorado - 0.5% 3,000 Eagle, Garfield & Routt Counties, Colorado, School District No. Re 50J, GO, ^, 6.13%, 12/01/04 3,311 Connecticut- 0.7% 4,735 Connecticut State, Special Tax Obligation, Transportation Infrastructure, Ser. A, Rev., 5.40%, 06/01/09 5,003 Delaware- 0.5% 3,000 Delaware Transportation Authority, Transportation System, Rev., 6.00%, 07/01/05 3,252 Florida- 1.2% 2,000 Dade County, Florida, Aviation, Ser. B, Rev., 6.40%, 10/01/06 2,204 1,495 Florida State, Board of Education, Capital Outlay, Public Education, Ser. B, GO, 5.25%, 06/01/12 1,600 2,000 Florida State, Department of Corrections, Okeechobee Correctional, COP, 6.00%, 03/01/08 2,172 2,350 Miami-Dade County, Florida, Aviation, Ser. A, Rev., 5.25%, 10/01/07 2,487 --------- 8,463 Georgia- 2.7% 1,720 Forsyth County, Georgia, School District, GO, 5.00%, 07/01/12 1,800 5,000 Georgia Municipal Electric Authority, Ser. DD, Rev., 7.00%, 01/01/08 5,821 5,000 Georgia State, Ser. B, GO, 6.25%, 04/01/04 5,372 2,000 Georgia State, Ser. D, GO, 6.00%, 10/01/04 2,156 3,700 Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax, Second Indenture, Ser. A, Rev., ^, 6.90%, 07/01/04 4,139 --------- 19,288 Hawaii- 1.0% 4,405 Hawaii State, Ser CK, GO, ^, 5.25%, 09/01/05 4,675 2,000 Honolulu, Hawaii, City & County, Ser. A, GO, 7.35%, 07/01/06 2,313 --------- 6,988
See notes to financial statements. 22 JPMorgan Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- Illinois- 11.1% $ 1,245 Chicago, Illinois, Park District, Harbor Facilities, Rev., 5.38%, 01/01/06 $ 1,315 1,500 Chicago, Illinois, Metropolitan Water Reclamation District, Greater Chicago, Capital Improvement Bonds, GO, ^, 7.00%, 01/01/08 1,746 10,000 Chicago, Illinois, Metropolitan Water Reclamation District, Greater Chicago, Capital Improvement, GO, 5.50%, 12/01/12 10,896 5,000 Chicago, Illinois, Metropolitan Water Reclamation District, Greater Chicago, GO, 5.50%, 12/01/08 5,437 10,025 Chicago, Illinois, Metropolitan Water Reclamation District, Greater Chicago, GO, 5.50%, 12/01/09 10,918 7,200 Chicago, Illinois, Metropolitan Water Reclamation District, Greater Chicago, GO, 5.95%, 12/01/07 7,987 3,000 Chicago, Illinois, O'Hare International Airport, General Airport, Second Lien, Ser. A, Rev., 6.75%, 01/01/06 3,347 6,055 Chicago, Illinois, O'Hare International Airport, Passenger Facilities Charge, Ser. A, Rev., 5.38%, 01/01/07 6,439 1,000 Illinois Regional Transportation Authority, Ser. B, Rev., 6.40%, 06/01/12 1,165 1,810 Illinois State, 1st Ser., GO, 5.25%, 08/01/05 1,908 2,565 Illinois State, 1st Ser., GO, 5.50%, 08/01/06 2,751 4,000 Illinois State, 1st Ser., GO, 5.50%, 08/01/07 4,313 5,485 Illinois State, GO, 5.25%, 04/01/04 5,713 2,000 Illinois State, GO, 5.25%, 06/01/10 2,124 1,320 Illinois State, GO, 5.50%, 08/01/06 1,405 10,000 Illinois State, GO, 5.50%, 04/01/10 10,763 --------- 78,227 Indiana- 3.2% 2,600 Indiana Municipal Power Agency, Power Supply Systems, Ser. B, Rev., 5.63%, 01/01/05 2,757 5,500 Indiana Municipal Power Agency, Power Supply Systems, Ser. B, Rev., 5.80%, 01/01/08 6,015 2,485 Indiana State, Office Building Commission Facilities, Ser. A, Rev., 5.00%, 07/01/04 2,576 7,315 Indianapolis, Indiana, Gas Utility, Distribution Systems, Ser. A, Rev., 5.75%, 08/15/08 8,030 3,000 Indianapolis, Indiana, Local Public Improvement, Bond Bank, Ser. A, Rev., 6.50%, 01/01/08 3,397 --------- 22,775 Kansas- 0.3% 2,175 Kansas State, Department of Transportation, Highway, Rev., 5.00%, 09/01/03 2,245 Kentucky- 0.0% 275 Owensboro, Kentucky, Electric Light & Power, Rev., ^, 10.50%, 01/01/04 298 Louisiana- 0.5% 3,500 Lake Charles, Louisiana, Harbor & Terminal District, Reynolds Metals Co. Project, Rev., 5.50%, 05/01/06 3,571
See notes to financial statements. 23 JPMorgan Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- Maryland- 4.4% $ 3,335 Maryland State, Stadium Authority, Rev., 5.75%, 12/15/08 $ 3,587 3,535 Maryland State, Stadium Authority, Rev., 5.80%, 12/15/09 3,796 15,640 Maryland State, State & Local Facilities Loan, Third Ser., GO, 5.80%, 10/15/08 16,769 6,500 Maryland State, Transportation Authority, Transportation Facilities Project, Rev., 5.80%, 07/01/06 7,103 --------- 31,255 Massachusetts- 4.2% 5,000 Chelsea, Massachusetts, School Project Loan Act of 1948, GO, ^, 5.90%, 06/15/04 5,438 2,045 Massachusetts Bay, Transportation Authority, General Transportation Systems, Ser. A, Rev., 5.50%, 03/01/14 2,222 3,000 Massachusetts State, Housing Finance Agency, Residential Development, Ser. C, Rev., 6.45%, 05/15/04 3,146 10,000 Massachusetts State, Turnpike Authority, Ser. A, Rev., ^, 5.00%, 01/01/13 10,446 2,000 Massachusetts State, Water Resources Authority, Ser. A, Rev., 5.50%, 08/01/13 2,185 3,000 Massachusetts State, Water Resources Authority, Ser. C, Rev., 5.25%, 12/01/15 3,177 1,980 Southeastern, Massachusetts, University Building Authority Project, Ser. A, Rev., 5.90%, 05/01/09 2,138 1,000 Southeastern, Massachusetts, University Building Authority Project, Ser. A, Rev., 5.90%, 05/01/10 1,076 --------- 29,828 Michigan- 5.1% 2,030 Michigan State, Environmental Protection Program, GO, 5.50%, 11/01/04 2,157 10,750 Michigan State, Trunk Line, Ser. A, Rev., 5.25%, 11/01/13 11,458 4,000 Michigan State, Trunk Line, Ser. A, Rev., 5.25%, 11/01/15 4,218 3,565 Michigan State, Underground Storage Tank, Financial Assurance Authority, Ser. I, Rev., 5.75%, 05/01/10 3,824 10,000 Wayne Charter County, Michigan, Airport, Ser. A, Rev., 5.25%, 12/01/06 10,536 3,780 Wayne Charter County, Michigan, Airport, Ser. A, Rev., 5.50%, 12/01/07 4,046 --------- 36,239 Minnesota- 0.5% 3,000 University of Minnesota, Ser. A, Rev., 5.75%, 07/01/15 3,316 Mississippi- 0.9% 4,000 Mississippi State, Capital Improvements Issue, Ser. I, GO, 5.50%, 11/01/06 4,312 2,000 Mississippi State, GO, 5.75%, 12/01/12 2,229 --------- 6,541
See notes to financial statements. 24 JPMorgan Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- Missouri- 0.2% $ 1,105 Missouri State, Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, State Revolving Funds Program, Ser. B, Rev., 5.50%, 07/01/12 $ 1,209 Nebraska- 0.4% 2,635 American Public Energy Agency, Nebraska, Gas Supply, Public Gas Agency Project, Ser. A, Rev., 5.25%, 06/01/11 2,637 Nevada- 2.7% 2,415 Henderson, Nevada, Water & Sewer, Ser. A, GO, 5.50%, 09/01/08 2,614 1,000 Nevada State, GO, 6.75%, 07/01/03 1,010 1,000 Nevada State, Municipal Bond Bank, GO, ^, 7.20%, 11/01/04 1,023 1,000 Nevada State, Municipal Bond Bank, Project No. 20-23A, GO, ^, 7.20%, 07/01/02 1,008 5,390 Nevada State, Ser. A, GO, 5.00%, 07/01/10 5,629 5,000 Nevada State, Ser. A, GO, 5.60%, 07/15/06 5,299 2,000 Nevada State, Ser. C, GO, 6.50%, 05/01/05 2,197 --------- 18,780 New Jersey- 8.8% 3,245 Elizabeth, New Jersey, GO, 6.25%, 08/15/08 3,576 10,000 New Jersey Building Authority, State Building, Rev., 5.75%, 06/15/09 11,016 955 New Jersey Economic Development Authority, Market Transition Facility, Senior Lien, Ser. A, Rev., 5.80%, 07/01/08 1,029 8,800 New Jersey Economic Development Authority, Market Transition Facility, Senior Lien, Ser. A, Rev., 5.80%, 07/01/09 9,482 7,000 New Jersey State, Transportation Trust Fund Authority, Ser. B, Rev., 5.50%, 06/15/09 7,485 3,660 New Jersey State, Transportation Trust Fund Authority, Transportation Systems, Ser. A, Rev., 5.75%, 06/15/15 4,069 4,190 New Jersey State, Turnpike Authority, Rev., ^, 5.70%, 05/01/13 4,536 400 New Jersey State, Turnpike Authority, Rev., ^, 10.38%, 01/01/03 436 3,895 New Jersey State, Turnpike Authority, Ser. G, Rev., ^, 5.75%, 01/01/09 4,214 2,545 New Jersey Wastewater Treatment Trust, Ser. A, Rev., 7.00%, 05/15/06 2,910 2,910 New Jersey Wastewater Treatment Trust, Ser. A, Rev., 7.00%, 05/15/08 3,428 3,120 New Jersey Wastewater Treatment Trust, Ser. A, Rev., 7.00%, 05/15/09 3,724 5,520 New Jersey Wastewater Treatment Trust, Ser. C, Rev., 6.88%, 06/15/07 6,382 --------- 62,287
See notes to financial statements. 25 JPMorgan Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- New Mexico- 0.3% $ 2,075 Gallup, New Mexico, PCR, Plains Electric Generation, Rev., 6.40%, 08/15/05 $ 2,181 New York- 10.0% 1,500 Long Island Power Authority, New York, Electric Systems, Ser. A, Rev., 5.50%, 12/01/13 1,647 155 New York State, Dorm Authority, Pooled Capital Program, Rev., ^, 7.80%, 12/01/05 158 770 New York State, Dorm Authority, St. John's University, Rev., 6.70%, 07/01/04 793 2,800 New York State, Dorm Authority, State University Educational Facilities, Ser. A, Rev., 5.50%, 05/15/06 2,994 4,025 New York State, Dorm Authority, State University Educational Facilities, Ser. A, Rev., 5.50%, 05/15/13 4,404 1,500 New York State, Dorm Authority, State University Educational Facilities, Ser. A, Rev., 5.50%, 05/15/13 1,643 1,200 New York State, Environmental Facilities Corp., PCR, State Water Revolving Fund, Ser. D, Rev., 6.55%, 03/15/08 1,227 4,915 New York State, Housing Finance Agency, Housing Project Mortgage, Ser. A, Rev., 5.40%, 11/01/05 5,201 75 New York State, Medical Care Facilities, Finance Agency, Rev., ^, 7.38%, 08/15/03 75 6,000 New York State, Ser. B, GO, 5.60%, 08/15/07 6,426 5,000 New York State, Ser. B, GO, 5.70%, 08/15/10 5,314 4,000 New York State, Thruway Authority, Highway & Bridge Trust Fund, Ser. A, Rev., ^, 5.60%, 04/01/04 4,301 5,700 New York State, Thruway Authority, Highway & Bridge Trust Fund, Ser. B, Rev., ^, 6.00%, 04/01/04 6,195 5,000 New York State, Thruway Authority, Service Contract, Local Highway & Bridge, Rev., 5.10%, 04/01/08 5,258 10,000 New York State, Thruway Authority, Service Contract, Local Highway & Bridge, Rev., 5.20%, 04/01/09 10,574 7,500 New York State, Thruway Authority, Service Contract, Local Highway & Bridge, Rev., 5.25%, 04/01/03 7,735 3,910 Port Authority of New York & New Jersey, Consolidated Bonds 112th Ser., Rev., 5.00%, 12/01/05 4,073 1,500 Suffolk County, New York, IDA, IDR, Nissequogue Cogen Partners Facility, Rev., 4.88%, 01/01/08 1,457 990 Westchester County, New York, IDA, Resource Recovery, Resco Co. Project, Ser. A, Rev., 5.60%, 07/01/07 1,045 --------- 70,520 Ohio- 3.0% 4,000 Montgomery County, Ohio, Solid Waste, Rev., 5.50%, 11/01/10 4,267 1,420 Ohio State, Building Authority, State Facilities, Administration Building Fund, Ser. A, Rev., 6.00%, 10/01/06 1,564 3,360 Ohio State, Building Authority, State Facilities, Adult Correctional, Ser. A, Rev., 5.75%, 10/01/08 3,571 5,000 Ohio State, Infrastructure Improvement, Ser. B, GO, 5.25%, 02/01/14 5,309
See notes to financial statements. 26 JPMorgan Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- Ohio- Continued $ 6,000 Ohio State, Turnpike Commission, Ser. A, Rev., 5.40%, 02/15/09 $ 6,412 --------- 21,123 Oregon- 1.3% 5,300 Oregon State, State Board of Higher Education, Ser. A, GO, ^, 6.00%, 08/01/06 5,925 3,000 Washington County, Oregon, School District No. 3, Hillsboro, GO, ^, 6.00%, 11/01/05 3,285 --------- 9,210 Pennsylvania- 0.7% 3,000 Carbon County, Pennsylvania, IDA, Panther Creek Partners Project, Rev., 6.65%, 05/01/10 3,074 2,000 Pennsylvania State, Second Ser., GO, 5.00%, 08/01/09 2,108 --------- 5,182 Puerto Rico- 2.6% 10,000 Puerto Rico Commonwealth, GO, 5.50%, 07/01/08 10,998 5,500 Puerto Rico Commonwealth, GO, 5.50%, 07/01/09 6,072 1,140 Puerto Rico Industrial, Medical & Environmental PCFFA, Renasa Inc., Squibb Corp. Project, Rev., 6.50%, 07/01/04 1,143 --------- 18,213 Tennessee- 0.9% 5,335 Tennergy Corp., Tennessee, Gas, Rev., 5.00%, 06/01/09 5,250 1,000 Tennessee State, Ser. A, GO, 5.00%, 05/01/13 1,044 --------- 6,294 Texas- 12.1% 2,000 Austin, Texas, Independent School District, Public Property Finance, Contractual Obligation, GO, 5.25%, 02/01/08 2,126 5,255 Austin, Texas, Utility Systems, Rev., 5.80%, 11/15/06 5,736 3,000 Austin, Texas, Utility Systems, Rev., ^, 6.25%, 05/15/04 3,235 6,200 Dallas, Texas, Civic Center, Improvement, Rev., 5.25%, 08/15/07 6,605 4,845 Dallas, Texas, GO, 5.00%, 02/15/09 5,105 6,220 Harris County, Texas, GO, 5.88%, 10/01/07 6,856 4,940 Houston, Texas, Ser. A, GO, 5.50%, 03/01/04 5,172 8,675 Houston, Texas, Ser. A, GO, 5.50%, 03/01/08 9,337 4,975 Houston, Texas, Water & Sewer Systems, Ser. B, Rev., 6.40%, 12/01/09 5,297 1,520 Katy, Texas, Independent School District, Ser. A, GO, 5.00%, 02/15/11 1,585 5,300 North East Independent School District, Texas, GO, 6.50%, 10/01/09 6,126 5,650 Texas State, Ser. A, GO, 6.00%, 10/01/05 6,147 7,500 Texas State, Ser. A, GO, 6.00%, 10/01/09 8,431
See notes to financial statements. 27 JPMorgan Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- Texas- Continued $ 1,320 Texas Water Development Board, State Revolving Fund, Senior Lien, Rev., 6.20%, 07/15/05 $ 1,385 4,700 Texas Water Development Board, State Revolving Fund, Senior Lien, Ser. A, Rev., 5.00%, 07/15/07 4,946 3,000 Texas Water Development Board, State Revolving Fund, Senior Lien, Ser. A, Rev., 5.25%, 07/15/09 3,186 1,000 Texas Water Development Board, State Revolving Fund, Senior Lien, Ser. A, Rev., 5.63%, 07/15/11 1,084 3,175 Texas Water Development Board, State Revolving Fund, Senior Lien, Ser. B, Rev., 5.25%, 07/15/08 3,391 --------- 85,750 Utah- 1.7% 3,800 Intermountain Power Agency, Utah, Power Supply, Ser. B, Rev., 6.50%, 07/01/10 4,402 2,850 Salt Lake City, Utah, GO, 5.50%, 06/15/11 3,101 3,915 Utah State, Building Ownership Authority, State Facilities Master Lease Program, Ser. C, Rev., 5.50%, 05/15/08 4,226 --------- 11,729 Vermont- 1.8% 4,100 Burlington, Vermont, Electric, Ser. A, Rev., 6.38%, 07/01/09 4,702 3,510 Vermont State, Ser. A, GO, ^, 6.40%, 01/15/05 3,897 3,510 Vermont State, Ser. A, GO, ^, 6.50%, 01/15/05 3,909 --------- 12,508 Virgin Islands- 1.6% 2,500 Virgin Islands Public Finance Authority, Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 5.63%, 10/01/10 2,633 5,000 Virgin Islands Public Finance Authority, Senior Lien, Fund Lien Notes, Ser. C, Rev., 5.50%, 10/01/06 5,172 3,070 Virgin Islands Water & Power Authority, Electric Systems, Rev., 5.25%, 07/01/07 3,151 --------- 10,956 Virginia- 1.3% 5,515 Chesapeake Bay Bridge & Tunnel Commission, Virginia, General Resolution, Rev., 5.75%, 07/01/08 5,968 3,135 Virginia Commonwealth, Transportation Board, Federal Highway Reimbursement Anticipation Notes, Rev., 5.50%, 10/01/06 3,388 --------- 9,356 Washington- 1.4% 4,340 Grant County, Washington, Public Utilities District No. 2, Electric, Ser. G, Rev., 5.25%, 01/01/08 4,603 5,000 Washington State, Ser. B, GO, 5.00%, 01/01/07 5,237 --------- 9,840 Wisconsin- 7.6% 3,025 Milwaukee County, Wisconsin, Corporate Purpose, Ser. A, GO, 5.38%, 09/01/05 3,210 2,350 Milwaukee County, Wisconsin, Corporate Purpose, Ser. A, GO, 5.63%, 09/01/10 2,558
See notes to financial statements. 28 JPMorgan Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long-Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- Wisconsin- Continued $ 5,000 Wisconsin State, Clean Water, Ser. 2, Rev., 5.50%, 06/01/11 $ 5,437 6,545 Wisconsin State, Clean Water, Ser. 2, Rev., 5.50%, 06/01/14 7,090 3,585 Wisconsin State, Clean Water, Ser. 2, Rev., 6.13%, 06/01/06 3,941 6,000 Wisconsin State, GO, GO, 6.20%, 05/01/06 6,618 1,000 Wisconsin State, GO, 6.25%, 05/01/12 1,154 2,775 Wisconsin State, Ser. 1, GO, 5.00%, 11/01/07 2,928 6,275 Wisconsin State, Ser. 1, GO, 5.50%, 11/01/11 6,852 5,000 Wisconsin State, Ser. 2, GO, 5.00%, 05/01/04 5,184 4,450 Wisconsin State, Ser. 3, GO, 5.20%, 11/01/09 4,750 4,040 Wisconsin State, Transportation, Ser. A, Rev., 5.00%, 07/01/05 4,212 --------- 53,934 --------------------------------------------------------------------------------------------- Total Long-Term Municipal Securities 690,598 (Cost $658,561) --------------------------------------------------------------------------------------------- Short-Term Investments- 1.2% --------------------------------------------------------------------------------------------- Municipal Securities- 0.1% --------------------------- California- 0.1% 100 California PCFA, Resource Recovery, OMS Equity Stanislaus Project, Rev., FRDO, 1.50%, 03/01/01 100 500 Irvine Ranch, California, Water District, Capital Improvement Project, COP, FRDO, 1.40%, 03/01/01 500 100 Irvine Ranch, California, Water District, District No. 105, 140, 240 & 250, GO, FRDO, 1.40%, 03/01/01 100 100 Irvine Ranch, California, Water District, District No. 182, Ser. A, GO, FRDO, 1.40%, 03/01/01 100 100 Los Angeles, California, Regional Airports Improvement Corp., Terminal Facility, Los Angeles International Airport, Rev., FRDO, 3.30%, 03/01/01 100 --------- 900 New York- 0.0% 100 Port Authority of New York & New Jersey, Special Obligation, Versatile Structure Obligation, Ser. 6, Rev., FRDO, 3.00%, 03/01/01 100 --------------------------------------------------------------------------------------------- Total Municipal Securities 1,000 (Cost $1,000) --------------------------------------------------------------------------------------------- Shares --------------------------------------------------------------------------------------------- Money Market Funds- 1.1% ------------------------- 3,654 Provident Municipal Cash Money Market Fund 3,654 3,876 Provident Municipal Money Market Fund 3,876 -------------------------------------------------------------------------- Total Money Market Funds 7,530 (Cost $7,530) --------------------------------------------------------------------------------------------- Total Short-Term Investments 8,530 (Cost $8,530) --------------------------------------------------------------------------------------------- Total Investments-- 99.0% $699,128 (Cost $667,091) ---------------------------------------------------------------------------------------------
See notes to financial statements. 29 JPMorgan New York Intermediate Tax Free Income Fund Portfolio of Investments As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long Term Municipal Securities- 86.7% --------------------------------------------------------------------------------------------- New York- 77.5% $ 2,000 Albany County, New York, Airport Authority, Rev., 5.30%, 12/15/15 $ 2,055 1,120 Allegany County, New York, IDA, Civic Facility, Alfred University, Rev., 5.25%, 08/01/11 1,192 1,290 Amherst, New York, IDA, Civic Facility, Faculty Student Housing, Ser. B, Rev., 5.75%, 08/01/15 1,411 1,175 Amherst, New York, IDA, Civic Facility, Student Housing Corp., Ser. A, Rev., 5.50%, 08/01/15 1,251 1,000 Amherst, New York, IDA, Civic Facility, Student Housing Corp., Ser. B, Rev., 5.50%, 08/01/15 1,065 150 Arkport, New York, Central School District, GO, 5.20%, 06/15/09 160 50 Arkport, New York, Central School District, GO, 5.20%, 06/15/10 53 500 Attica, New York, Central School District, GO, 5.00%, 06/15/15 507 420 Barker, New York, Central School District, GO, 5.13%, 06/01/04 438 480 Barker, New York, Central School District, GO, 5.15%, 06/01/06 507 2,000 Battery Park City Authority, New York, Ser. A, Rev., 5.50%, 11/01/26 2,046 1,040 Beacon, New York, City School District, GO, 5.50%, 07/15/11 1,130 250 Brentwood, New York, Union Free School District, GO, 5.63%, 06/15/11 273 100 Brentwood, New York, Union Free School District, GO, 5.63%, 06/15/12 109 650 Brentwood, New York, Union Free School District, GO, 5.63%, 06/15/13 704 590 Burnt Hills-Ballston Lake, New York, Central School District, GO, 5.40%, 07/15/16 616 305 Burnt Hills-Ballston Lake, New York, Central School District, GO, 5.50%, 07/15/17 320 375 Burnt Hills-Ballston Lake, New York, Central School District, GO, 5.50%, 07/15/18 392 250 Chenango Forks, New York, Central School District, GO, 5.63%, 06/15/11 273 850 Chenango Forks, New York, Central School District, GO, 5.70%, 06/15/12 930 1,655 Cleveland Hill, New York, Union Free School District, Cheektowaga, GO, 5.50%, 10/15/13 1,775 1,730 Cleveland Hill, New York, Union Free School District, Cheektowaga, GO, 5.50%, 10/15/14 1,844 175 Colonie, New York, Public Improvement, Ser. B, GO, 5.20%, 04/01/04 182 375 Colonie, New York, Public Improvement, Ser. B, GO, 5.20%, 04/01/05 394 185 East Meadow, New York, Fire District, GO, 5.30%, 04/01/04 193 250 East Meadow, New York, Fire District, GO, 5.30%, 04/01/05 263 250 East Meadow, New York, Fire District, GO, 5.30%, 04/01/06 265
See notes to financial statements. 30 JPMorgan New York Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- New York- Continued $ 885 Erie County, New York, Public Improvement, GO, 6.00%, 01/15/05 $ 919 855 Erie County, New York, Ser. B, GO, 6.00%, 03/15/06 889 1,695 Erie County, New York, Water Authority, Improvement & Extension, Rev., ^, 5.75%, 12/01/08 1,815 1,050 Goshen, New York, Central School District, GO, 5.00%, 06/15/16 1,078 1,050 Goshen, New York, Central School District, GO, 5.00%, 06/15/17 1,071 1,070 Lindenhurst, New York, Union Free School District, GO, 5.25%, 07/15/12 1,132 1,295 Lindenhurst, New York, Union Free School District, GO, 5.25%, 07/15/16 1,341 1,460 Lindenhurst, New York, Union Free School District, GO, 5.25%, 07/15/17 1,500 5,000 Long Island Power Authority, New York, Electric Systems, Ser. A, Rev., 5.50%, 12/01/11 5,508 405 Longwood Central School District at Middle Island, New York, GO, 4.80%, 06/15/11 418 1,290 Longwood Central School District at Middle Island, New York, GO, 4.80%, 06/15/13 1,311 525 Mahopac, New York, Central School District, Ser. B, GO, 5.60%, 06/15/14 568 815 Mahopac, New York, Central School District, Ser. B, GO, 5.60%, 06/15/15 876 1,090 Massapequa, New York, Union Free School District, Ser. A, GO, 5.38%, 06/15/09 1,179 2,180 Massapequa, New York, Union Free School District, Ser. A, GO, 5.38%, 06/15/12 2,341 2,485 Massapequa, New York, Union Free School District, Ser. A, GO, 5.40%, 06/15/13 2,653 3,135 Massapequa, New York, Union Free School District, Ser. A, GO, 5.70%, 06/15/16 3,374 500 Metropolitan Transportation Authority, New York, Commuter Facilities, Ser. B, Rev., 6.10%, 07/01/09 565 2,000 Metropolitan Transportation Authority, New York, Dedicated Tax Fund, Ser. A, Rev., 5.50%, 04/01/16 2,085 200 Metropolitan Transportation Authority, New York, Transportation Facilities, Ser. C, Rev., 4.75%, 07/01/16 197 510 Metropolitan Transportation Authority, New York, Transportation Facilities, Ser. C, Rev., 5.25%, 07/01/16 545 550 Monroe County, New York, IDA, Public Improvement, Canal Ponds Park, Ser. A, Rev., 7.00%, 06/15/13 581 1,050 Monroe County, New York, Public Improvement, GO, 4.50%, 06/01/09 1,073 775 Monroe County, New York, Public Improvement, GO, 4.50%, 06/01/10 788 100 Monroe County, New York, Public Improvement, GO, 6.00%, 03/01/01 100 1,230 Monroe County, New York, Public Improvement, GO, 6.00%, 03/01/12 1,401 1,000 Monroe County, New York, Public Improvement, GO, 6.00%, 03/01/14 1,140
See notes to financial statements. 31 JPMorgan New York Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- New York- Continued $ 1,000 Monroe County, New York, Public Improvement, GO, 6.00%, 03/01/18 $ 1,132 1,000 Monroe County, New York, Public Improvement, GO, 6.00%, 03/01/19 1,129 1,020 Monticello, New York, Central School District, GO,, 5.63%, 06/15/06 1,101 2,400 Municipal Assistance Corp. for New York City, Ser. E, Rev., 6.00%, 07/01/05 2,607 6,740 Municipal Assistance Corp. for New York City, Ser. E, Rev., 6.00%, 07/01/06 7,393 6,500 Municipal Assistance Corp. for New York City, Ser. G, Rev., 6.00%, 07/01/08 7,251 2,000 Nassau County, New York, General Improvement, Ser. Q, GO, 5.20%, 08/01/12 2,099 1,800 Nassau County, New York, General Improvement, Ser. R, GO, 5.13%, 11/01/03 1,870 2,010 Nassau County, New York, IDA, Civic Facility, Hofstra University Project, Rev., 5.00%, 07/01/03 2,075 1,705 Nassau County, New York, IDA, Civic Facility, Hofstra University Project, Rev., 5.00%, 07/01/06 1,791 4,740 Nassau County, New York, IDA, Civic Facility, Hofstra University Project, Rev., 5.25%, 07/01/09 5,077 1,000 Nassau County, New York, Ser. E, GO, 7.00%, 03/01/04 1,077 450 New York City, New York, IDA, Civic Facility, Mt. St. Vincent College, Rev., 7.00%, 05/01/08 479 1,000 New York City, New York, IDA, Civic Facility, New School for Social Research, Ser. A, Rev., 5.75%, 09/01/15 1,057 1,430 New York City, New York, IDA, Civic Facility, New York Blood Center Inc. Project, Rev., ^, 7.20%, 05/01/04 1,577 1,500 New York City, New York, IDA, Civic Facility, YMCA Greater New York Project, Rev., 5.80%, 08/01/16 1,471 3,010 New York City, New York, IDA, IDR, Brooklyn Navy Yard Cogen Partners Project, Rev., 6.20%, 10/01/22 3,040 1,380 New York City, New York, Industrial Development Agency, Civic Facility, Polytechnic University Project, Rev., 5.00%, 11/01/04 1,404 1,435 New York City, New York, Industrial Development Agency, Civic Facility, Polytechnic University Project, Rev., 5.13%, 11/01/06 1,470 2,500 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Rev., 5.66%, 06/15/33 2,571 3,000 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. A, Rev., 5.75%, 06/15/31 3,157 1,010 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. A, Rev., 7.00%, 06/15/09 1,030 725 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. A, Rev., ^, 7.00%, 06/15/01 740 2,000 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. B, Rev., 5.50%, 06/15/27 2,047
See notes to financial statements. 32 JPMorgan New York Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- New York- Continued $ 1,000 New York City, New York, Ser. A, GO, 6.25%, 08/01/03 $ 1,049 1,025 New York City, New York, Ser. A, GO, 6.38%, 08/01/05 1,077 500 New York City, New York, Ser. A, GO, ^, 6.10%, 08/01/02 518 475 New York City, New York, Ser. A, GO, ^, 6.38%, 08/01/02 501 60 New York City, New York, Ser. D, GO, ^, 7.65%, 02/01/02 63 2,500 New York City, New York, Ser. E, GO, 6.00%, 08/01/07 2,766 2,000 New York City, New York, Ser. F, GO, 5.75%, 02/01/12 2,121 400 New York City, New York, Ser. F, GO, 8.25%, 11/15/02 419 1,250 New York City, New York, Ser. G, GO, 5.75%, 02/01/04 1,318 75 New York City, New York, Ser. H, GO, 6.88%, 02/01/02 77 40 New York City, New York, Ser. H, GO, 7.00%, 02/01/06 42 460 New York City, New York, Ser. H, GO, ^, 7.00%, 02/01/02 482 975 New York City, New York, Ser. H, GO, ^, 7.10%, 02/01/02 1,023 25 New York City, New York, Ser. H, GO, ^, 7.10%, 02/01/12 26 315 New York City, New York, Ser. I, GO, 7.75%, 08/15/01 321 1,000 New York City, New York, Transit Authority, Metropolitan Transportation Authority, Triborough, Ser. A, COP, 5.63%, 01/01/12 1,090 4,575 New York City, New York, Transitional Finance Authority, Future Tax Secured, Ser. A, Rev., 5.00%, 11/15/09 4,823 1,700 New York City, New York, Transitional Finance Authority, Future Tax Secured, Ser. A, Rev., 5.50%, 02/15/08 1,836 1,550 New York City, New York, Trust Cultural Resources, Museum of Modern Art, Ser. A, Rev., 5.40%, 01/01/12 1,596 1,000 New York Convention Center, Operating Corp., Yale Building Acquisition Project, COP, 6.50%, 12/01/04 1,018 100 New York State, Dorm Authority, Canisius College, Rev., 4.75%, 07/01/12 102 525 New York State, Dorm Authority, Canisius College, Rev., 4.85%, 07/01/13 537 295 New York State, Dorm Authority, Canisius College, Rev., 4.95%, 07/01/14 299 230 New York State, Dorm Authority, Canisius College, Rev., 5.00%, 07/01/15 232 1,545 New York State, Dorm Authority, City University System, Ser. D, Rev., 5.75%, 07/01/06 1,675 1,000 New York State, Dorm Authority, City University System, 3rd General Reserve, Ser. 1, Rev., 5.25%, 07/01/08 1,059 3,000 New York State, Dorm Authority, City University System, 3rd General Reserve, Ser. 2, Rev., 5.00%, 07/01/17 2,954 2,500 New York State, Dorm Authority, City University System, 3rd General Reserve, Ser. 2, Rev., 5.38%, 07/01/13 2,637 3,565 New York State, Dorm Authority, City University System, Ser. A, Rev., 5.75%, 07/01/13 3,972 2,000 New York State, Dorm Authority, City University System, Ser. B, Rev., 5.75%, 07/01/07 2,188 2,470 New York State, Dorm Authority, City University System, Ser. D, Rev., 7.00%, 07/01/09 2,810 3,080 New York State, Dorm Authority, City University System, Ser. D, Rev., 7.00%, 07/01/09 3,504 470 New York State, Dorm Authority, Long Island University, Rev., 5.00%, 09/01/12 487
See notes to financial statements. 33 JPMorgan New York Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- New York- Continued $ 1,020 New York State, Dorm Authority, Long Island University, Rev., 5.13%, 09/01/10 $ 1,078 1,000 New York State, Dorm Authority, Long Island University, Rev., 5.25%, 09/01/11 1,065 1,000 New York State, Dorm Authority, Memorial Sloan Kettering Cancer Center, Ser. C, Rev., 5.50%, 07/01/09 1,081 1,000 New York State, Dorm Authority, Memorial Sloan Kettering Cancer Center, Ser. C, Rev., 5.50%, 07/01/23 1,063 1,215 New York State, Dorm Authority, Mental Health Services, Facilities Improvement, Ser. B, Rev., 5.50%, 02/15/12 1,300 1,665 New York State, Dorm Authority, Mental Health Services, Facilities Improvement, Ser. B, Rev., 5.60%, 08/15/13 1,787 170 New York State, Dorm Authority, New York University, Rev., ^, 6.38%, 07/01/01 175 2,580 New York State, Dorm Authority, New York University, Rev., ^, 6.38%, 07/01/07 2,651 2,000 New York State, Dorm Authority, New York University, Ser. A, Rev., 5.75%, 07/01/09 2,212 1,000 New York State, Dorm Authority, New York University, Ser. A, Rev., 5.75%, 07/01/15 1,112 3,500 New York State, Dorm Authority, New York University, Ser. A, Rev., 5.75%, 07/01/16 3,878 500 New York State, Dorm Authority, Nursing Home, Ser. A, Rev., 5.50%, 08/01/20 513 2,015 New York State, Dorm Authority, Rockefeller University, Rev., 5.00%, 07/01/12 2,101 1,400 New York State, Dorm Authority, Rockefeller University, Rev., 5.00%, 07/01/28 1,366 1,305 New York State, Dorm Authority, Special Act, School Districts Program, Rev., 5.30%, 07/01/11 1,394 2,065 New York State, Dorm Authority, State Service Contract, Albany County, Rev., 5.25%, 04/01/12 2,153 340 New York State, Dorm Authority, State Service Contract, Albany County, Rev., 5.50%, 04/01/08 366 1,000 New York State, Dorm Authority, State University Educational Facilities, Ser. A, Rev., 5.25%, 05/15/11 1,059 1,380 New York State, Dorm Authority, State University Educational Facilities, Ser. A, Rev., 5.50%, 05/15/06 1,480 6,500 New York State, Dorm Authority, State University Educational Facilities, Ser. A, Rev., 5.50%, 05/15/13 7,111 2,000 New York State, Dorm Authority, State University Educational Facilities, Ser. C, Rev., ^, 7.38%, 05/15/10 2,353 2,500 New York State, Energy Research & Development Authority, Electric Facilities, Lilco Project, Ser. B, Rev., FRDO, 5.30%, 11/01/23 2,429 5,000 New York State, Energy Research & Development Authority, PCR, New York State Electric and Gas Corp., Ser. E, Rev., 5.90%, 12/01/06 5,494 7,200 New York State, Environmental Facilities Corp., PCR, State Water Revolving Fund, New York City Municipal Water, Rev., 5.75%, 06/15/12 8,050
See notes to financial statements. 34 JPMorgan New York Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- New York- Continued $ 1,425 New York State, Environmental Facilities Corp., PCR, State Water Revolving Fund, Ser. A, Rev., 7.25%, 06/15/10 $ 1,469 5,415 New York State, Environmental Facilities Corp., PCR, State Water Revolving Fund, Ser. E, Rev., 6.00%, 06/15/12 6,184 1,000 New York State, GO, 2.75%, 07/01/04 972 345 New York State, GO, 5.25%, 03/01/09 366 1,280 New York State, Housing Finance Agency, Health Facilities, Monroe County, Ser. A, Rev., 7.63%, 05/01/05 1,314 300 New York State, Housing Finance Agency, Multi-Family Housing, Ser. A, Rev., 6.95%, 08/15/12 314 530 New York State, Housing Finance Agency, Rev., 8.00%, 11/01/08 540 650 New York State, Housing Finance Agency, Service Contract Obligation, Ser. A, Rev., ^, 7.38%, 03/15/02 689 1,550 New York State, Housing Finance Agency, State University Construction, Ser. A, Rev., ^, 8.00%, 05/01/11 1,949 205 New York State, Medical Care Facilities Finance Agency, Mortgage Project, Ser. A, Rev., 5.40%, 08/15/04 216 70 New York State, Medical Care Facilities Finance Agency, Rev. ^, 7.70%, 08/15/03 72 3,365 New York State, Mortgage Agency, Ser. 19, Rev., ^, 4.45%, 10/01/15 3,366 1,000 New York State, Municipal Bond Bank Agency, Special Program, Buffalo, Ser. A, Rev., 6.88%, 03/15/06 1,035 120 New York State, Thruway Authority, Highway & Bridge Trust Fund, Ser. B, Rev., 5.00%, 04/01/08 126 3,000 New York State, Thruway Authority, Ser. D, Rev., 5.25%, 01/01/21 3,015 3,315 New York State, Thruway Authority, Service Contract, Local Highway & Bridge, 6.00%, 04/01/11 3,622 5,000 New York State, Thruway Authority, Service Contract, Local Highway & Bridge, Ser. A-2, Rev., 5.00%, 04/01/18 4,960 5,930 New York State, Thruway Authority, Service Contract, Local Highway & Bridge, Ser. A-2, Rev., 5.38%, 04/01/10 6,345 1,490 New York State, Urban Development Corp., Community Enhancement Facilities, Ser. A, Rev., 5.00%, 04/01/03 1,529 100 New York State, Urban Development Corp., Correctional Facilities Service Contract, Ser. D, Rev., 5.00%, 01/01/14 102 250 New York State, Urban Development Corp., Youth Facilities Services Contract, Ser. B, Rev., 5.60%, 04/01/11 271 95 New York State, Urban Development Corp., Youth Facilities Services Contract, Ser. B, Rev., 5.88%, 04/01/14 103 1,035 Niagara, New York, Frontier Transportation Authority, Greater Buffalo International Airport, Ser. B, Rev., 5.75%, 04/01/04 1,090
See notes to financial statements. 35 JPMorgan New York Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- New York- Continued $ 1,045 Oneida County, New York, GO, 5.50%, 03/15/11 $ 1,146 1,000 Oneida-Herkimer, New York, Solid Waste Management Authority, Solid Waste Systems, Rev., 5.50%, 04/01/11 1,085 3,000 Port Authority of New York & New Jersey, Special Obligation, 3rd Installment, Special Project, Ser. 4, Rev., 7.00%, 10/01/07 3,149 275 Randolph, New York, Central School District, GO, 5.00%, 06/15/06 289 2,180 Rochester, New York, Ser. A, GO, 5.70%, 08/15/04 2,332 1,905 Rome, New York, City School District, GO, 5.50%, 06/15/13 2,036 1,050 Scotia Glenville, New York, Central School District, GO, 5.40%, 06/15/12 1,124 1,050 Scotia Glenville, New York, Central School District, GO, 5.50%, 06/15/13 1,125 1,025 Scotia Glenville, New York, Central School District, GO, 5.50%, 06/15/14 1,092 275 Shenendehowa, New York, Central School District, Clifton Park, GO, 5.50%, 07/15/11 302 500 Stillwater, New York, Central School District, GO, 5.20%, 06/15/11 531 1,000 Suffolk County, New York, IDA, IDR, Nissequogue Cogen Partners Facility, Rev., 5.30%, 01/01/13 914 1,780 Suffolk County, New York, Public Improvement, Ser. C, GO, 5.10%, 11/01/02 1,830 5,000 Suffolk County, New York, Southwest Sewer District, GO, 6.00%, 02/01/05 5,396 1,065 Sullivan County, New York, Public Improvement, GO, 5.00%, 03/15/08 1,100 7,125 Triborough Bridge & Tunnel Authority, New York, General Purpose, Ser. Y, Rev., 6.00%, 01/01/12 8,073 1,000 Utica, New York, IDA, Civic Facility, Munson William Porter Institute, Rev., 5.40%, 07/15/30 1,007 440 Utica, New York, Public Improvement, GO, 6.00%, 01/15/03 454 465 Utica, New York, Public Improvement, GO, 6.00%, 01/15/04 486 700 Utica, New York, Public Improvement, GO, 6.00%, 01/15/11 750 675 Utica, New York, Public Improvement, GO, 6.00%, 01/15/12 718 295 Utica, New York, Public Improvement, GO, 6.10%, 01/15/13 314 295 Utica, New York, Public Improvement, GO, 6.20%, 01/15/14 314 320 Utica, New York, Public Improvement, GO, 6.25%, 01/15/15 339 565 Warwick Valley, Central School District, New York, GO, 5.50%, 01/15/14 602 600 Watertown, New York, City School District, GO, 5.63%, 06/15/16 637 1,365 Watertown, New York, City School District, GO, 5.63%, 06/15/17 1,443
See notes to financial statements. 36 JPMorgan New York Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- New York- Continued $ 1,245 Watertown, New York, City School District, GO, 5.63%, 06/15/18 $ 1,311 1,150 Westchester County, New York, GO, ^, 6.70%, 11/01/06 1,317 480 Westchester County, New York, IDA, AGR Realty Co. Project, Rev., ^, 5.75%, 01/01/02 487 2,000 Westchester County, New York, IDA, Civic Facility, Children's Village Project, Ser. A, Rev., 5.30%, 03/15/14 2,036 1,000 Westchester County, New York, IDA, Civic Facility, Rippowam-Cisqua School Project, Rev., 5.75%, 06/01/29 1,001 2,000 Westchester County, New York, IDA, Resource Recovery, Resco Co. Project, Ser. A, Rev., 5.70%, 07/01/08 2,110 1,000 Windsor, New York, Central School District, GO, 5.50%, 06/15/13 1,075 1,170 Windsor, New York, Central School District, GO, 5.50%, 06/15/14 1,251 650 Windsor, New York, Central School District, GO, 5.50%, 06/15/15 691 ------- 298,850 Northern Mariana Islands- 0.1% 500 Northern Mariana Islands, Public School System Project, Ser. A, GO, 3.70%, 10/01/03 503 Puerto Rico- 4.2% 160 Puerto Rico Commonwealth, Infrastructure Financing Authority, Special Obligation, Ser. A, ^, 4.75%, 10/01/12 166 3,500 Puerto Rico Commonwealth, Public Improvement, GO, 6.00%, 07/01/29 3,674 4,390 Puerto Rico Electric Power Authority, Ser. AA, Rev., 5.40%, 07/01/13 4,688 1,250 Puerto Rico Electric Power Authority, Ser. AA, Rev., 6.25%, 07/01/10 1,455 1,300 Puerto Rico Electric Power Authority, Ser. HH, Rev., 5.50%, 07/01/10 1,439 1,800 Puerto Rico Electric Power Authority, Ser. X, Rev., 6.00%, 07/01/11 1,951 1,000 Puerto Rico Municipal Finance Agency, Ser. A, GO, 5.00%, 08/01/02 1,023 1,500 Puerto Rico Municipal Finance Agency, Ser. A, GO, 6.00%, 08/01/15 1,679 --------- 16,075 Virgin Islands- 4.9% 1,390 Virgin Islands Public Finance Authority, Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 5.00%, 10/01/03 1,406 1,090 Virgin Islands Public Finance Authority, Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 5.25%, 10/01/01 1,096 1,000 Virgin Islands Public Finance Authority, Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 5.50%, 10/01/02 1,017 4,000 Virgin Islands Public Finance Authority, Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 6.38%, 10/01/19 4,275 1,150 Virgin Islands Public Finance Authority, Matching Fund Lien Notes, Ser. A, Rev., ^, 7.25%, 10/01/02 1,241
See notes to financial statements. 37 JPMorgan New York Intermediate Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- Virgin Islands- Continued $ 2,000 Virgin Islands Public Finance Authority, Senior Lien, Fund Lien Notes, Ser. C, Rev., 5.00%, 10/01/01 $ 2,007 3,075 Virgin Islands Public Finance Authority, Senior Lien, Fund Lien Notes, Ser. C, Rev., 5.00%, 10/01/02 3,096 5,000 Virgin Islands Public Finance Authority, Senior Lien, Ser. A, Rev., 5.50%, 10/01/22 4,858 ------- 18,996 --------------------------------------------------------------------------------------------- Total Long-Term Municipal Securities $334,424 (Cost $318,994) --------------------------------------------------------------------------------------------- Short-Term Investments- 13.2% --------------------------------------------------------------------------------------------- Municipal Securities- 10.8% ---------------------------- New York- 10.8% 4,000 Long Island Power Authority, New York, Electric Systems, Sub. Ser. 2, Rev., FRDO, 2.95%, 03/01/01 4,000 4,000 New York City, New York, Housing Development Corp., Multi-Family Rental Housing, Carnegie Park, Ser. A, Rev., FRDO, 2.95%, 03/02/01 4,000 6,900 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. C, Rev., FRDO, 2.95%, 03/01/01 6,900 1,050 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. C, Rev., FRDO, 2.95%, 03/01/01 1,050 2,700 New York City, New York, Ser. B, Sub. Ser. B-3, GO, FRDO, 2.95%, 03/01/01 2,700 300 New York City, New York, Ser. B, Sub. Ser. B-4, GO, FRDO, 2.95%, 03/01/01 300 800 New York City, New York, Sub. Ser. A-5, GO, FRDO, 2.95%, 03/01/01 800 14,000 New York City, New York, Transitional Finance Authority, Floating Rate Trusts Receipts, Ser. L-3, Regulation D, Rev., FRDO, 3.30%, 03/06/01 13,999 1,000 New York State, Energy Research & Development Authority, PCR, Rochester Gas & Electric Corp., Ser. C, Rev., FRDO, 2.80%, 03/06/01 1,000 5,000 New York State, Housing Finance Agency, Worth Street Housing, Ser. A, Rev., FRDO, 3.20%, 03/07/01 5,000 1,750 Port Authority of New York & New Jersey, Special Obligation, Versatile Structure Obligation, Ser. 6, Rev., FRDO, 3.00%, 03/01/01 1,750 -------------------------------------------------------------------------- Total Municipal Securities 41,499 (Cost $41,499) -------------------------------------------------------------------------- Shares Money Market Fund- 2.4% ------------------------ 9,271 Provident New York Money Market Fund 9,271 (Cost $9,271) --------------------------------------------------------------------------------------------- Total Short-Term Investments 50,770 (Cost $50,770) --------------------------------------------------------------------------------------------- Total Investments - 99.9% $385,194 (Cost $369,764) ---------------------------------------------------------------------------------------------
See notes to financial statements. 38 -------------------------------------------------------------------------------- JPMorgan New Jersey Tax Free Income Fund Portfolio of Investments As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long Term Municipal Securities- 96.2% --------------------------------------------------------------------------------------------- New Jersey- 81.7% $ 105 Asbury Park, New Jersey, Board of Education, GO, 5.50%, 08/01/11 $ 115 1,160 Atlantic City, New Jersey, GO, 5.00%, 12/15/10 1,226 1,650 Atlantic City, New Jersey, GO, 5.00%, 12/15/11 1,732 395 Bayshore Regional Sewer Authority, New Jersey, Rev., 5.50%, 04/01/12 420 935 Bloomfield Township, New Jersey, GO, 5.20%, 06/15/11 994 510 Bloomfield Township, New Jersey, GO, 5.20%, 06/15/12 539 70 Brick Township, New Jersey, Improvement, GO, 5.40%, 05/01/07 76 570 Brick Township, New Jersey, Improvement, GO, 5.40%, 05/01/09 621 250 Camden County, New Jersey, IAR, Health Systems, Catholic Health East, Ser. B, Rev., 5.25%, 11/15/12 265 1,625 Cherry Hill Township, New Jersey, School District, GO, 4.70%, 02/15/08 1,685 345 Cinnaminson Township, New Jersey, School District, GO, 5.20%, 08/01/10 370 600 Delaware River & Bay Authority, Delaware & New Jersey, Rev., 5.20%, 01/01/10 633 555 Delaware River & Bay Authority, Delaware & New Jersey, Ser. A, Rev., 5.50%, 01/01/16 587 500 Delaware River & Bay Authority, Delaware & New Jersey, Ser. A, Rev., 5.70%, 01/01/20 532 1,700 Delaware River Port Authority of Pennsylvania & New Jersey, Port District Project, Ser. B, Rev., 5.70%, 01/01/21 1,796 285 Deptford Township, New Jersey, Municipal Utilities Authority, Rev., 4.88%, 02/01/10 298 315 Deptford Township, New Jersey, Municipal Utilities Authority, Rev., 5.00%, 02/01/12 328 350 Deptford Township, New Jersey, Municipal Utilities Authority, Rev., 5.25%, 02/01/14 366 370 East Orange, New Jersey, Capital Improvement, GO, 5.50%, 07/15/10 403 570 Edison Township, New Jersey, School District, GO, 6.50%, 06/01/04 618 1,000 Ewing Township, New Jersey, School District, School Bonds, GO, 5.30%, 08/01/03 1,040 1,385 Ewing Township, New Jersey, School District, School Bonds, GO, 5.30%, 08/01/09 1,486 160 Gloucester County, New Jersey, Improvement Authority, County Guaranteed, Ser. A, Rev., 5.35%, 08/01/09 174 220 Gloucester County, New Jersey, Improvement Authority, County Guaranteed, Ser. A, Rev., 5.55%, 08/01/12 240 225 Gloucester County, New Jersey, Improvement Authority, County Guaranteed, Ser. A, Rev., 5.70%, 08/01/15 243
See notes to financial statements. 39 JPMorgan New Jersey Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- New Jersey- Continued $1,140 Hamilton Township, Atlantic County, New Jersey, School District, GO, 5.88%, 12/15/07 $ 1,198 220 Hawthorne, New Jersey, General Improvement, GO, 5.00%, 10/01/08 234 220 Hawthorne, New Jersey, General Improvement, GO, 5.00%, 10/01/09 234 220 Hawthorne, New Jersey, General Improvement, GO, 5.00%, 10/01/10 234 220 Hawthorne, New Jersey, General Improvement, GO, 5.00%, 10/01/12 231 130 Hawthorne, New Jersey, General Improvement, GO, 5.00%, 10/01/13 136 500 Hunterdon, New Jersey, Central Regional High School District, GO, 5.40%, 05/01/09 532 105 Long Hill Township, New Jersey, GO, 5.15%, 08/15/05 111 100 Long Hill Township, New Jersey, GO, 5.15%, 08/15/06 106 275 Long Hill Township, New Jersey, GO, 5.15%, 08/15/07 294 275 Long Hill Township, New Jersey, GO, 5.15%, 08/15/08 295 380 Lopatcong Township, New Jersey, Board of Education, GO, 5.63%, 07/15/13 414 400 Lopatcong Township, New Jersey, Board of Education, GO, 5.70%, 07/15/16 430 500 Lopatcong Township, New Jersey, Board of Education, GO, 5.70%, 07/15/23 530 100 Mainland, New Jersey, Regional High School District, GO, 5.20%, 11/15/06 107 105 Mainland, New Jersey, Regional High School District, GO, 5.20%, 11/15/07 113 110 Mainland, New Jersey, Regional High School District, GO, 5.25%, 11/15/08 119 110 Mainland, New Jersey, Regional High School District, GO, 5.25%, 11/15/09 119 115 Mainland, New Jersey, Regional High School District, GO, 5.25%, 11/15/10 124 120 Mainland, New Jersey, Regional High School District, GO, 5.25%, 11/15/11 128 1,460 Marlboro Township, New Jersey, Board of Education, GO, 5.00%, 07/15/06 1,540 400 Medford Township, New Jersey, GO , 5.30%, 07/15/09 434 2,000 Middletown Township, New Jersey, Board of Education, GO, ^, 5.85%, 08/01/07 2,215 350 Monmouth County, New Jersey, Improvement Authority, Governmental Loan, Rev., 4.95%, 12/01/11 367 1,550 Monmouth County, New Jersey, Improvement Authority, Governmental Loan, Rev., 5.10%, 12/01/13 1,617 725 Monmouth County, New Jersey, Improvement Authority, Governmental Loan, Rev., 5.20%, 12/01/14 757 2,065 Monmouth County, New Jersey, Improvement Authority, Governmental Loan, Rev., 5.30%, 12/01/16 2,141 300 Montclair Township, New Jersey, GO, 5.40%, 01/15/08 324 1,710 New Jersey Economic Development Authority, Market Transition Facility, Senior Lien, Ser. A, Rev., 5.80%, 07/01/08 1,842
See notes to financial statements. 40 JPMorgan New Jersey Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- New Jersey- Continued $1,200 New Jersey Economic Development Authority, Market Transition Facility, Senior Lien, Ser. A, Rev., 5.80%, 07/01/09 $ 1,293 1,105 New Jersey Economic Development Authority, Municipal Loan Pool, Rev., 5.25%, 11/15/11 1,182 1,160 New Jersey Economic Development Authority, Municipal Loan Pool, Rev., 5.25%, 11/15/12 1,232 1,060 New Jersey Economic Development Authority, New Jersey Performing Arts Center Project, Ser. A, Rev., 6.00%, 06/15/08 1,183 380 New Jersey Health Care Facilities, Financing Authority, St. Elizabeth Hospital Obligation Group, Rev., 6.00%, 07/01/14 342 670 New Jersey Sports & Exposition Authority, Ser. A, Rev., 6.50%, 03/01/07 702 720 New Jersey State, Educational Facilities Authority, Capital Improvement Fund, Ser. A, Rev., 5.00%, 09/01/08 763 2,545 New Jersey State, Educational Facilities Authority, Drew University Issue, Ser. C, Rev., 5.25%, 07/01/13 2,666 435 New Jersey State, Educational Facilities Authority, Fairleigh Dickinson University, Ser. G, Rev., 4.88%, 07/01/04 431 1,000 New Jersey State, Educational Facilities Authority, Fairleigh Dickinson University, Ser. G, Rev., 5.70%, 07/01/28 904 1,000 New Jersey State, Educational Facilities Authority, Princeton University, Ser. E, Rev., 5.25%, 07/01/13 1,058 110 New Jersey State, Transportation Trust Fund Authority, Transportation Systems, Ser. A, Rev., 5.00%, 06/15/12 114 1,000 New Jersey State, Transportation Trust Fund Authority, Transportation Systems, Ser. A, Rev., 5.75%, 06/15/16 1,109 1,000 New Jersey State, Turnpike Authority, Ser. A, Rev., 5.50%, 01/01/07 1,079 1,570 North Bergen Township, New Jersey, GO, 5.00%, 08/15/11 1,636 130 North Brunswick Township, New Jersey, GO, 5.25%, 04/01/04 136 1,140 North Jersey District Water Supply, Wanaque South Project, Rev., 5.50%, 07/01/03 1,189 1,140 Northwest Bergen County, New Jersey, Utilities Authority, Utilities System, Rev., 6.00%, 07/15/07 1,211 195 Ocean County, New Jersey, General Improvement, GO, 6.38%, 04/15/03 206 1,435 Port Authority of New York & New Jersey, Consolidated Bonds 114th Ser., Rev., 4.75%, 08/01/33 1,339 1,500 Port Authority of New York & New Jersey, Consolidated Bonds 93rd Ser., Rev., 6.13%, 06/01/94 1,697
See notes to financial statements. 41 JPMorgan New Jersey Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long Term Municipal Securities- Continued --------------------------------------------------------------------------------------------- New Jersey- Continued $1,550 Port Authority of New York & New Jersey, Special Obligation, JFK International Airport Terminal 6, Rev., 6.25%, 12/01/08 $ 1,758 3,000 Port Authority of New York & New Jersey, Special Obligation, JFK International Airport Terminal 6, Rev., 6.25%, 12/01/09 3,431 305 Rahway, New Jersey, COP, 5.00%, 02/15/06 321 430 Rahway, New Jersey, COP, 5.30%, 02/15/11 466 435 Summit, New Jersey, GO, 5.70%, 06/01/10 481 1,105 Summit, New Jersey, GO, 5.70%, 06/01/11 1,219 435 Union County Improvement Authority, Plainfield Board of Education Project, Rev. , 6.25%, 08/01/07 489 1,101 Union County, New Jersey, General Improvement, GO, 4.75%, 12/15/15 1,100 1,100 West Orange, New Jersey, GO, 5.45%, 02/15/15 1,159 1,100 West Orange, New Jersey, GO, 5.45%, 02/15/16 1,151 -------- 66,760 Puerto Rico- 10.7% 1,200 Puerto Rico Commonwealth, Highway & Transportation Authority, Ser. W, Rev., 5.50%, 07/01/15 1,318 3,000 Puerto Rico Commonwealth, Highway & Transportation Authority, Ser.Y, Rev., 5.00%, 07/01/36 2,951 1,000 Puerto Rico Commonwealth, Infrastructure Financing Authority, Special Obligation, Ser. A, ^, 5.50%, 10/01/40 1,036 1,050 Puerto Rico Electric Power Authority, Capital Appreciation, Ser. N, Rev., 0.00%, 07/01/17 465 1,000 Puerto Rico Electric Power Authority, Ser. AA, Rev., 6.25%, 07/01/10 1,164 750 Puerto Rico, Public Buildings Authority, Government Facilities, Ser. B, Rev., 5.00%, 07/01/27 740 1,000 University of Puerto Rico, Ser. O, Rev., 5.75%, 06/01/17 1,087 -------- 8,761 Virgin Islands- 3.8% 1,155 Virgin Islands Public Finance Authority, Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 5.50%, 10/01/02 1,175 500 Virgin Islands Public Finance Authority, Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 6.38%, 10/01/19 534 1,470 Virgin Islands Public Finance Authority, Senior Lien, Ser. A, Rev., @, 5.50%, 10/01/22 1,429 -------- 3,138 --------------------------------------------------------------------------------------------- Total Long-Term Municipal Securities 78,659 (Cost $75,131) ---------------------------------------------------------------------------------------------
See notes to financial statements. 42 JPMorgan New Jersey Tax Free Income Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Shares Issuer Value --------------------------------------------------------------------------------------------- Short Term Investments- 3.2% --------------------------------------------------------------------------------------------- Municipal Security- 0.4% ------------------------- New Jersey- 0.4% 300 New Jersey Economic Development Authority, Water Facilities, United Water New Jersey Inc. Project, Ser. B, Rev., FRDO, 3.05%, 03/01/01 300 (Cost $300) Money Market Fund- 2.8% ------------------------ 2,308 Provident New Jersey Money Market Fund $ 2,308 (Cost $2,308) --------------------------------------------------------------------------------------------- Total Short-Term Investments 2,608 (Cost $2,608) --------------------------------------------------------------------------------------------- Total Investments-- 99.4% $ 81,267 (Cost $77,739) --------------------------------------------------------------------------------------------- Number Original Value at Unrealized of Expiration Notional 02/28/01 Appreciation Contracts Description Date Value (USD) (USD) (USD) --------------------------------------------------------------------------------------------- Long Futures Outstanding 10 U.S. Treasury Notes March, 2001 $1,034 $1,060 $26 10 U.S. Treasury Notes June, 2001 1,056 1,059 3
See notes to financial statements. 43 -------------------------------------------------------------------------------- JPMorgan California Intermediate Tax Free Fund Portfolio of Investments As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long Term Municipal Securities- 95.6% --------------------------------------------------------------------------------------------- California- 84.5% $ 520 Bay Area Government Association, California, Bay Area Rapid Transit, Capital Grant, Ser. A, GO, 5.00%, 06/15/05 $ 549 250 Bell Community Redevelopment Agency, California, Bell Redevelopment Project Area, Ser. B, Tax Allocation, 6.30%, 11/01/13 272 140 California Educational Facilities Authority, Dominican University, Rev., 4.85%, 12/01/06 143 750 California Educational Facilities Authority, Stanford University, Ser. P, Rev., 5.25%, 12/01/13 821 600 California State, GO, ^, 6.25%, 10/01/02 637 250 California State, Public Works Board, Ser. A, Rev., 6.00%, 09/01/01 254 1,850 Contra Costa, California, Water District, Ser. G, Rev., 5.75%, 10/01/14 1,966 105 El Segundo, California, Unified School District, Capital Appreciation, Election of 1997, Ser. C, GO, 0.00%, 08/01/15 52 200 El Segundo, California, Unified School District, Capital Appreciation, Election of 1997, Ser. C, GO, 0.00%, 08/01/16 93 1,000 Fallbrook, California, Unified High School District, San Diego County, GO, @, 5.38%, 09/01/12 1,102 750 Foothill/Eastern Corridor Agency, California Toll Road, Rev., 5.00%, 01/15/06 786 100 Fullerton University Foundation, California, Auxiliary Organization, Ser. A, Rev., 5.50%, 07/01/10 111 100 Fullerton University Foundation, California, Auxiliary Organization, Ser. A, Rev., 5.50%, 07/01/11 111 570 Golden West Schools Financing Authority, California, Ser. A, Rev., 5.80%, 02/01/16 646 100 Los Angeles, California, Department of Water & Power, Ser. A, Rev., 4.10%, 07/01/11 99 125 Los Angeles, California, Unified School District, Ser. A, GO, 6.00%, 07/01/15 145 600 Metropolitan Water District, Southern California, Waterworks, Ser. A, Rev., 5.25%, 07/01/10 655 600 Metropolitan Water District, Southern California, Waterworks, Ser. A, Rev., 5.38%, 07/01/12 659 560 Northern California Power Agency, Public Power, Ser. A, 5.80%, 07/01/09 631 340 Northern California Power Agency, Public Power, Ser. A, ^, 5.80%, 07/01/09 385 150 Oakland, California, State Building Authority, Elihu M. Harris, Ser. A, Rev., 5.25%, 04/01/09 163 425 Port Oakland, California, Ser. K, Rev., 5.25%, 11/01/07 456 360 Rancho, California, Water District Financing Authority, Ser. A, Rev., 5.50%, 08/01/10 401 35 Richmond, California, Wastewater, Rev., 5.20%, 08/01/11 38 250 Sacramento County, California, Sanitation District, Financing Authority, Ser. A, Rev., 5.25%, 12/01/12 272
See notes to financial statements. 44 JPMorgan California Intermediate Tax Free Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Long Term Municipal Securities- (Continued) --------------------------------------------------------------------------------------------- California- Continued $ 150 Sacramento County, California, Sanitation District, Financing Authority, Ser. A, Rev., 5.75%, 12/01/10 $ 171 20 Sacramento, California, City Unified School District, Ser. A, GO, 5.00%, 07/01/02 20 900 Sacramento, California, Public Facilities Project, COP, 6.00%, 07/01/12 925 515 San Bruno Park, California, School District, Capital Appreciation, Ser. B., GO, 0.00%, 08/01/14 272 550 San Bruno Park, California, School District, Capital Appreciation, Ser. B., GO, 0.00%, 08/01/15 273 500 San Francisco, California, City & County Public Utilities Commission, Ser. A, Rev., 6.25%, 11/01/07 567 145 San Jose, California, Unified School District, Santa Clara County, Capital Appreciation, Ser. A, GO, 0.00%, 08/01/13 81 110 San Marcos, California, Public Facilities Authority, Custody Receipts, Rev., ^, 0.00%, 07/01/13 62 250 San Mateo County, California, Joint Powers Authority, Capital Projects Program, Rev., 6.50%, 07/01/15 303 275 Sanger, California, Unified School District, GO, 5.25%, 02/01/10 300 1,000 Santa Clara County, California, Financing Authority, Ser. A, Rev., 5.75%, 11/15/13 1,138 100 Santa Cruz County, California, Redevelopment Agency, Live Oak/Soquel Project, Tax Allocation, 4.25%, 09/01/05 103 1,200 South Orange County, California, Public Financing Authority, Special Tax, Senior Lien, Ser. A, 6.20%, 09/01/13 1,295 1,000 University of California, UC Medical Center, Rev., 10.00%, 07/01/06 1,295 -------- 18,252 Puerto Rico- 9.2% 235 Children's Trust Fund, Puerto Rico, Tobacco Settlement, Rev., 5.00%, 07/01/06 239 355 Puerto Rico Commonwealth, GO, 5.30%, 07/01/04 373 100 Puerto Rico Commonwealth, GO, 5.50%, 07/01/01 101 420 Puerto Rico Commonwealth, Highway & Transportation Authority, Ser. W, Rev., 5.50%, 07/01/15 461 115 Puerto Rico Commonwealth, Public Improvement, GO, 5.00%, 07/01/07 122 125 Puerto Rico Electric Power Authority, Ser. Z, Rev., 5.10%, 07/01/06 132 500 Puerto Rico Municipal Finance Agency, Ser. A, GO, 5.75%, 08/01/13 556 -------- 1,984 Virgin Islands- 1.9% 400 Virgin Islands Public Finance Authority, Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 5.63%, 10/01/10 421 --------------------------------------------------------------------------------------------- Total Long-Term Municipal Securities 20,657 (Cost $19,572) ---------------------------------------------------------------------------------------------
See notes to financial statements. 45 JPMorgan California Intermediate Tax Free Fund -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------------- Short-Term Investments- 14.0% --------------------------------------------------------------------------------------------- Municipal Securities- 11.1% ---------------------------- California- 10.1% $ 500 Irvine Ranch, California, Water District, Consolidated Bonds, Ser. A, Rev., FRDO, 1.65%, 03/01/01 $ 500 100 Irvine Ranch, California, Water District, Capital Improvement Project, COP, FRDO, 1.40%, 03/01/01 100 300 Irvine Ranch, California, Water District, District No. 284, Ser. A, Rev., FRDO, 1.40%, 03/01/01 300 1,000 Irvine Ranch, California, Water District, No. 102, 103, 105 & 106, Rev., FRDO, 1.65%, 03/01/01 1,000 500 Irvine, California, Improvement Bond Act of 1915, Assessment District No. 93-14, Rev., FRDO, 1.40%, 03/01/01 500 -------------------------------------------------------------------------- Total Municipal Securities 2,400 (Cost $2,400) -------------------------------------------------------------------------- Shares Money Market Fund- 2.9% ------------------------ 633 Provident California Money Market Fund 633 (Cost $633) --------------------------------------------------------------------------------------------- Total Short-Term Investments 3,033 (Cost $3,033) --------------------------------------------------------------------------------------------- Total Investments- 109.6% $23,690 (Cost $22,605) --------------------------------------------------------------------------------------------- Number Original Value at Unrealized of Expiration Notional 02/28/01 Appreciation Contracts Description Date Value (USD) (USD) (USD) --------------------------------------------------------------------------------------------- Long Futures Outstanding 5 U.S. Treasury Notes March, 2001 $522 $530 $8 5 U.S. Treasury Notes June, 2001 528 530 2
INDEX: ^ - Security is prerefunded or escrowed to maturity. The maturity date shown is the date of the prerefunded call. @ - All or a portion of the security is segregated for futures. COP - Certificates of Participation. Dorm - Dormitory. FRDO - Floating Rate Demand Obligation. The maturity date shown is the next interest reset date. The interest rate shown is the rate in effect at February 28, 2001. GO - General Obligation. IDA - Industrial Development Authority. IDR - Industrial Development Revenue. PCFA - Pollution Control Financing Authority. PCFFA - Pollution Control Facilities Financing Authority. PCR - Pollution Control Revenue. Rev. - Revenue Bond. Ser. - Series. See notes to financial statements. 46 -------------------------------------------------------------------------------- JPMorgan Funds Statement of Assets and Liabilities As of February 28, 2001 (unaudited) (Amounts in Thousands, Except Per Share Amounts)
New York Intermediate Intermediate Tax Free Tax Free Tax Free Income Fund Income Fund Income Fund ---------------------------------------------------------------------------------------------------- ASSETS: Investment securities, at value (Note 1).............. $ 845,726 $ 699,128 $ 385,194 Cash.................................................. - - 1 Other assets.......................................... 13 13 5 Receivables: Investment securities sold......................... - - 4,065 Interest........................................... 9,996 9,514 4,529 Fund shares sold................................... 294 - 172 -------------------------------------------------------------------------------------------------- Total Assets................................... 856,029 708,655 393,966 -------------------------------------------------------------------------------------------------- LIABILITIES: Payables: Investment securities purchased.................... 5,214 - 6,959 Fund shares redeemed............................... 87 - 30 Dividends.......................................... 2,805 2,216 997 Accrued liabilities: (Note 2) Investment advisory fees........................... 186 162 72 Administration fees................................ 93 81 29 Shareholder servicing fees......................... 152 135 57 Distribution fees.................................. 2 - 2 Custodian fees..................................... 53 27 30 Other.............................................. 242 171 200 -------------------------------------------------------------------------------------------------- Total Liabilities.............................. 8,834 2,792 8,376 -------------------------------------------------------------------------------------------------- NET ASSETS: Paid in capital....................................... 814,649 675,926 372,207 Accumulated undistributed/(distributions in excess of) net investment income................... (71) 40 (135) Accumulated net realized loss on investments and futures transactions.................. (7,997) (2,140) (1,912) Net unrealized appreciation of investments and futures contracts................................. 40,614 32,037 15,430 -------------------------------------------------------------------------------------------------- Net Assets..................................... $ 847,195 $ 705,863 $ 385,590 -------------------------------------------------------------------------------------------------- Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized) Class A Shares........................................ 8,127 - 10,744 Class B Shares........................................ 1,571 - 1,764 Institutional Class Shares............................ 121,914 65,766 40,992 Net Asset Value: Class A Shares (and redemption price)................. $ 6.44 - $ 7.21 Class B Shares *...................................... $ 6.44 - $ 7.21 Institutional Class Shares (and redemption price)................................................ $ 6.44 $ 10.73 $ 7.21 Class A Maximum Public Offering Price Per Share (net asset value per share/95.5%)................ $ 6.74 - $ 7.55 Cost of Investments..................................... $ 805,112 $ 667,091 $ 369,764 --------------------------------------------------------------------------------------------------
* Redemption price may be reduced by contigent deferred sales charge. See notes to financial statements. 47 -------------------------------------------------------------------------------- JPMorgan Funds Statement of Assets and Liabilities As of February 28, 2001 (unaudited) (Amounts in Thousands, Except Per Share Amounts)
California New Jersey Intermediate Tax Free Tax Free Income Fund Fund ------------------------------------------------------------------------------------------------- ASSETS: Investment securities, at value (Note 1)........................ $ 81,267 $ 23,690 Other assets.................................................... 1 - Receivables: Investment securities sold................................... 1,067 391 Interest..................................................... 867 269 Margin account for futures contracts......................... 5 2 ------------------------------------------------------------------------------------------------- Total Assets............................................. 83,207 24,352 ------------------------------------------------------------------------------------------------- LIABILITIES: Payables: To Custodian................................................. 3 1 Investment securities purchased.............................. 1,070 2,643 Dividends.................................................... 262 65 Accrued liabilities: (Note 2) Investment advisory fees..................................... 19 5 Administration fees.......................................... 7 2 Shareholder servicing fees................................... 6 4 Distribution fees............................................ - 4 Custodian fees............................................... 7 9 Other........................................................ 58 7 ------------------------------------------------------------------------------------------------- Total Liabilities........................................ 1,432 2,740 ------------------------------------------------------------------------------------------------- NET ASSETS: Paid in capital................................................. 77,848 20,381 Accumulated undistributed/(distributions in excess of) net investment income............................. (68) 186 Accumulated net realized gain (loss) on investments and futures transactions............................ 438 (50) Net unrealized appreciation of investments and futures contracts............................ 3,557 1,095 ------------------------------------------------------------------------------------------------- Net Assets............................................... $ 81,775 $ 21,612 ------------------------------------------------------------------------------------------------- Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized) Class A Shares.................................................. - 2,113 Institutional Class Shares...................................... 8,102 - Net Asset Value: Class A Shares (and redemption price)........................... - $ 10.23 Institutional Class Shares (and redemption price).......................................................... $ 10.09 - Class A Maximum Public Offering Price Per Share (net asset value per share/95.5%)........................... - $ 10.71 Cost of Investments............................................... $ 77,739 $ 22,605 -------------------------------------------------------------------------------------------------
See notes to financial statements. 48 -------------------------------------------------------------------------------- JPMorgan Funds Statement of Operations For the six months ended February 28, 2001 (unaudited) (Amounts in Thousands)
New York Intermediate Intermediate Tax Free Tax Free Tax Free Income Fund Income Fund Income Fund ---------------------------------------------------------------------------------------------------- INTEREST INCOME (Note 1C):.............................. $ 20,502 $ 17,014 $ 6,961 -------------------------------------------------------------------------------------------------- EXPENSES: (Note 2) Investment advisory fees.............................. 1,146 1,035 420 Administration fees................................... 573 518 210 Shareholder servicing fees............................ 955 863 350 Distribution fees..................................... 5 - 7 Custodian fees........................................ 57 54 45 Printing and postage.................................. 11 17 7 Professional fees..................................... 21 17 12 Registration expenses................................. 8 14 17 Transfer agent fees................................... 17 13 16 Trustees' fees........................................ 18 17 7 Other................................................. 39 18 11 -------------------------------------------------------------------------------------------------- Total expenses................................. 2,850 2,566 1,102 -------------------------------------------------------------------------------------------------- Less amounts waived (Note 2F)......................... 6 - 48 Less earnings credits (Note 2E)....................... 2 2 - -------------------------------------------------------------------------------------------------- Net expenses................................... 2,842 2,564 1,054 -------------------------------------------------------------------------------------------------- Net investment income....................... 17,660 14,450 5,907 -------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on: Investments........................................ 2,894 1,244 1,400 Futures transactions............................... (1,086) 529 - Change in net unrealized appreciation/ depreciation of: Investments........................................ 20,894 16,065 6,267 Futures contracts.................................. (276) (40) - -------------------------------------------------------------------------------------------------- Net realized and unrealized gain on investments and futures transactions.......................................... 22,426 17,798 7,667 -------------------------------------------------------------------------------------------------- Net increase in net assets from operations................................ $ 40,086 $ 32,248 $ 13,574 --------------------------------------------------------------------------------------------------
See notes to financial statements. 49 -------------------------------------------------------------------------------- JPMorgan Funds Statement of Operations For the six months ended February 28, 2001 (unaudited) (Amounts in Thousands)
California New Jersey Intermediate Tax Free Tax Free Income Fund Fund ------------------------------------------------------------------------------------------------- INTEREST INCOME (Note 1C):........................................ $ 1,906 $ 474 ------------------------------------------------------------------------------------------------- EXPENSES: (Note 2) Investment advisory fees........................................ 113 29 Administration fees............................................. 57 15 Shareholder servicing fees...................................... 95 24 Distribution fees............................................... - 24 Custodian fees.................................................. 36 26 Printing and postage............................................ 2 1 Professional fees............................................... 16 8 Registration expenses........................................... 21 1 Transfer agent fees............................................. 11 19 Trustees' fees.................................................. 2 - Other........................................................... 3 3 ------------------------------------------------------------------------------------------------- Total expenses........................................... 356 150 ------------------------------------------------------------------------------------------------- Less amounts waived (Note 2F)................................... 72 92 ------------------------------------------------------------------------------------------------- Net expenses............................................. 284 58 ------------------------------------------------------------------------------------------------- Net investment income................................. 1,622 416 ------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain on: Investments.................................................. 244 90 Futures transactions......................................... 238 8 Change in net unrealized appreciation/ depreciation of: Investments.................................................. 2,300 327 Futures contracts............................................ 29 8 ------------------------------------------------------------------------------------------------- Net realized and unrealized gain on investments and futures transactions.................................................... 2,811 433 ------------------------------------------------------------------------------------------------- Net increase in net assets from operations.......................................... $ 4,433 $ 849 -------------------------------------------------------------------------------------------------
See notes to financial statements. 50 -------------------------------------------------------------------------------- JPMorgan Funds Statement of Changes in Net Assets For the periods indicated (unaudited) JPMorgan Funds STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited) (Amounts in Thousands)
New York Intermediate Intermediate Tax Free Income Fund Tax Free Fund Tax Free Fund ------------------- ------------ ------------ 9/1/2000 Year 9/1/2000 Year 9/1/2000 Year Through Ended Through Ended Through Ended 2/28/2001 8/31/2000 2/28/2001 8/31/2000 2/28/2001 8/31/2000 ----------------------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income................................. $ 17,660 $ 36,498 $ 14,450 $ 31,544 $ 5,907 $ 12,743 Net realized gain (loss) on investments and futures transactions.................................. 1,808 (8,782) 1,773 (3,903) 1,400 (2,145) Change in net unrealized appreciation of investments and futures contracts.................. 20,618 16,318 16,025 10,143 6,266 5,793 ----------------------------------------------------------------------------------------------------------------------------------- Increase in net assets from operations............ 40,086 44,034 32,248 37,784 13,573 16,391 ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income................................. (17,662) (36,500) (14,459) (31,525) (5,909) (12,793) Net realized gain on investment transactions.......... - - - (3,807) - (83) ----------------------------------------------------------------------------------------------------------------------------------- Total distributions to shareholders............... (17,662) (36,500) (14,459) (35,332) (5,909) (12,876) ----------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from capital share transactions (Note 10).................................. 71,966 1,173 (6,100) (37,025) 101,347 (21,544) ----------------------------------------------------------------------------------------------------------------------------------- Total increase (decrease) in net assets........... 94,390 8,707 11,689 (34,573) 109,011 (18,029) NET ASSETS: Beginning of period................................... 752,805 744,098 694,174 728,747 276,579 294,608 ----------------------------------------------------------------------------------------------------------------------------------- End of period......................................... $ 847,195 $ 752,805 $ 705,863 $ 694,174 $ 385,590 $ 276,579 -----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 51 JPMorgan Funds -------------------------------------------------------------------------------- Statement of Changes in Net Assets For the periods indicated (unaudited) JPMorgan Funds STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited) (Amounts in Thousands)
New Jersey California Tax Free Intermediate Income Fund Tax Free Fund ---------- ------------ 9/1/00 Year 9/1/00 Year Through Ended Through Ended 2/28/01 8/31/00 2/28/01 8/31/00 ----------------------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income......................................................... $ 1,622 $ 3,144 $ 416 $ 865 Net realized gain (loss) on investments and futures transactions.............. 482 26 98 (148) Change in net unrealized appreciation of investments and futures contracts ... 2,329 950 335 739 ----------------------------------------------------------------------------------------------------------------------------------- Increase in net assets from operations.................................... 4,433 4,120 849 1,456 ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income......................................................... (1,623) (3,149) (416) (868) Net realized gain on investment transactions.................................. - - - (217) ----------------------------------------------------------------------------------------------------------------------------------- Total distributions to shareholders....................................... (1,623) (3,149) (416) (1,085) ----------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from capital share transactions (Note 10)................... 6,446 3,901 1,850 (2,031) ----------------------------------------------------------------------------------------------------------------------------------- Total increase (decrease) in net assets................................... 9,256 4,872 2,283 (1,660) NET ASSETS: Beginning of period........................................................... 72,519 67,647 19,329 20,989 ----------------------------------------------------------------------------------------------------------------------------------- End of period................................................................. $ 81,775 $ 72,519 $ 21,612 $ 19,329 -----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 52 -------------------------------------------------------------------------------- JPMorgan Funds Notes to Financial Statements (unaudited) 1. Organization and Significant Accounting Policies Mutual Fund Select Trust and Mutual Fund Trust (the "Trusts") were organized as Massachusetts business trusts and are registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as open-end, non-diversified management investment companies. Effective February 28, 2001, the following five separate portfolios of the Trusts (collectively, the "Funds") were renamed with the approval of the Board of Trustees of the Trusts:
New Name Old Name ------------------------------------------------------------------------------------------------------------------ JPMorgan Tax Free Income Fund ("TFI") Chase Vista Select Tax Free Income Fund JPMorgan Intermediate Tax Free Income Fund ("ITFI") Chase Vista Select Intermediate Tax Free Income Fund JPMorgan New York Intermediate Tax Free Income Fund ("NYTF) Chase Vista Select New York Intermediate Tax Free Income Fund JPMorgan New Jersey Tax Free Income Fund ("NJTFI") Chase Vista Select New Jersey Tax Free Income Fund JPMorgan California Intermediate Tax Free Fund ("CITF") Chase Vista California Intermediate Tax Free Fund
TFI, ITFI, NYTFI and NJTFI are each a series of Mutual Fund Select Trust. CITF is a series of Mutual Fund Trust. The funds offer various classes of shares as follows: Fund Classes Offered -------------------------------------------------------------------------------- TFI Class A, Class B, Institutional ITFI Institutional NYTFI Class A, Class B, Institutional NJTFI Institutional CITF Class A Class A Shares generally provide for a front-end sales charge while Class B Shares provide for a contingent deferred sales charge. All classes of shares have equal rights as earnings, assets and voting privileges except that each class may bear different transfer agent, distribution and shareholder servicing expenses and each class has exclusive voting rights with respect to its distribution and shareholder servicing agreement. No sales charges are assessed with respect to the Institutional Class ("Class I"). The following is a summary of significant accounting policies followed by the Funds: The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. A. Valuation of investments- Fixed income securities (other than short-term obligations), including listed issues, are valued using matrix pricing systems of a major dealer in bonds which take in to account factors such as institutional-size trading in similar 53 JPMorgan Funds -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, without exclusive reliance upon quoted exchange or over-the-counter prices. Short-term debt securities with 61 days or more to maturity at time of purchase are valued, through the 61st day prior to maturity, at market value based on quotations obtained from market makers or other appropriate sources; thereafter, the value on the 61st day is amortized on a straight-line basis over the remaining number of days to maturity. Short-term investments with 60 days or less to maturity at time of purchase are valued at amortized cost, which approximates market. B. Repurchase agreements- It is the Fund's policy that repurchase agreements are fully collateralized by U.S. Treasury and Government Agency securities. All collateral is held by the Fund's custodian bank, sub-custodian or a bank with which the custodian bank has entered into a sub-custodian agreement or is segregated in the Federal Reserve Book Entry System. If the seller of a repurchase agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the collateral may be delayed or limited. C. 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 the identified cost basis. Interest income is determined on the basis of coupon interest accrued, adjusted for amortization of premiums and accretion of discounts. Purchases of when-issued or delayed delivery securities may be settled a month or more after the trade date; interest income is not accrued until settlement date. Each Fund segregates assets with a current value at least equal to the amount of its when-issued or delayed delivery purchase commitments. D. Futures contracts- When a Fund enters into a futures contract, it makes an initial margin deposit in a segregated account, either in cash or liquid securities. Thereafter, the futures contract is marked to market and the Fund makes (or receives) additional cash payments daily to (or from) the broker. Changes in the value of the contract are recorded as unrealized appreciation/depreciation until the contract is closed or settled. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. The Funds invest in U.S. Treasury and/or municipal bond futures contracts as a hedge to modify the duration of the portfolio holdings. As of February 28, 2001, the Funds had open futures contracts as shown on the Portfolios of Investments. 54 JPMorgan Funds -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) E. Federal income taxes- Each Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. In addition, the Fund intends to make distributions as required to avoid excise taxes. Accordingly, no provision for Federal income or excise tax is necessary. F. Distributions to shareholders- Dividends and distributions paid to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from generally accepted accounting principles. 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 income tax-basis treatment. Dividends and distributions which exceed net investment income or net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized capital gains. G. Allocation of income and expenses- Expenses directly attributable to a Fund are charged to that Fund; other expenses are allocated proportionately among each of the Funds within the Trusts in relation to the net assets of each Fund or on another reasonable basis. Expenses directly attributable to a particular class are charged directly to such class. In calculating net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other that class specific expenses (e.g., transfer agent fees), are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. H. Organization costs- Organization and initial registration costs incurred in connection with establishing each of the Funds, except for CITF, have been deferred and are being amortized on a straight-line basis over a sixty month period beginning with the commencement of operations of each Fund. 2. Fees and Other Transactions with Affiliates A. Investment advisory fee- Pursuant to separate Investment Advisory Agreements, J.P. Morgan Fleming Asset Management (USA) Inc. ("JPMFAM" or "Adviser") (formerly Chase Fleming Asset Management (USA) Inc., formerly Chase Asset Management Inc.) acts as the investment adviser to the Funds. JPMFAM is a direct wholly-owned subsidiary of J.P. Morgan Chase & Co. (formerly The 55 JPMorgan Funds -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) Chase Manhattan Corporation). As investment adviser, JPMFAM supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.30% of the average daily net assets for each respective Fund. The Adviser (and its predecessor) voluntarily waived fees as outlined in Note 2.F. below. Prior to February 22, 2001, The Chase Manhattan Bank ("Chase"), also a direct wholly-owned subsidiary of J.P. Morgan Chase & Co. acted as the investment advisor to each Fund, and JPMFAM acted as the sub-investment adviser to each Fund. Pursuant to a Sub-Investment Advisory Agreement between Chase and JPMFAM, JPMFAM was entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.15% of each Fund's average daily net assets. The Investment Advisory Agreement between each Fund and Chase has been assigned to JPMFAM. B. Shareholder servicing fees- The Trusts have adopted an Administrative Services Plan which, among other things, provides that the Trusts on behalf of the Funds may obtain the services of one or more Shareholder Servicing Agents. For its services, each Shareholder Servicing Agent receives a fee. The fee is computed daily and paid monthly at an annual rate of 0.25% of the average daily net assets of each Fund. Chase and certain affiliates are the only Shareholder Servicing Agents. The Shareholder Servicing Agents voluntarily waived fees as outlined in Note 2.F. below. C. Distribution and sub-administration fees- Pursuant to a Distribution and Sub-Administration Agreement, J.P. Morgan Fund Distributors, Inc. (the "Distributor") (formerly Vista Fund Distributors, Inc., a wholly-owned subsidiary of The BISYS Group, Inc. ("BISYS"), acts as the Trusts' exclusive underwriter and promotes and arranges for the sale of each Fund's shares. In addition, the Distributor provides certain sub-administration services to the Trusts, including providing officers, clerical staff and office space for an annual fee computed daily and paid monthly of 0.05% of the average daily net assets of each Fund. The Distributor voluntarily waived fees as outlined in Note 2.F. below. The Trustees have adopted Distribution Plans for Class A Shares of TFI, NYTFI and CITF, and for Class B Shares of TFI and NYTFI in accordance with Rule 12b-1 under the 1940 Act. There is no Distribution Plan for Institutional Class Shares. The Distribution Plans provide that each Fund shall pay distribution fees at annual rate not to exceed 0.25% of each Fund's average daily net assets for Class A Shares and 0.75% of each Fund's average daily net assets for Class B Shares. The Distributor voluntarily waived fees as outlined in Note 2.F. below. 56 JPMorgan Funds -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) D. Administration fee- Pursuant to an Administration Agreement, Chase (the "Administrator") provides certain administration services to the Trusts at an annual fee computed daily and paid monthly of 0.10% of the respective Fund's average daily net assets. The Administrator voluntarily waived fees as outlined in Note 2.F. below. E. Custodian and accounting fees- Chase provides portfolio accounting and custody services for the Funds. Compensation for such services is presented in the Statement of Operations as custodian fees. Custodian fees are subject to reduction by credits earned by each Fund, based on cash balances held by Chase as custodian. Such earnings credits are presented separately in the Statement of Operations. The Funds could have invested the cash balances utilized in connection with the earnings credit arrangements in income producing assets if they had not entered into such arrangements. F. Waivers of fees-- For the six months ended February 28, 2001, the Funds' vendors voluntarily waived fees for each of the Funds as follows (in thousands):
Investment Shareholder Advisory Administration Servicing Distribution ----------------------------------------------------------------------------------------------- TFI................ $- $ 3 $ 3 $- NYTFI.............. - 39 4 5 NJTFI.............. - 15 57 - CITF............... 29 15 24 24
G. Other- Certain officers of the Trust are officers of the Distributor or of its parent corporation, BISYS. Deferred organization costs are included in Other assets in the Statement of Assets and Liabilities, and amortization of such costs is included in Other expenses in the Statement of Operations. The Distributor voluntarily reimbursed expenses of the Funds in the amounts as shown on the Statement of Operations. 3. Investment Transactions The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the six months ended February 28, 2001, were as follows (amounts in thousands):
TFI ITFI NYTFI NJTFI CITF ---------------------------------------------------------------------------------------------- Purchases...................... $ 207,635 $ 103,817 $ 114,101 $ 40,504 $ 5,335 Sales.......................... 201,258 120,982 96,108 35,265 4,051
57 JPMorgan Funds -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) 4. Federal Income Tax Matters For Federal income tax purposes, the cost and unrealized appreciation/(depreciation) in value of the investment securities at February 28, 2001, are as follows (amounts in thousands):
TFI ITFI NYTFI NJTFI CITF ---------------------------------------------------------------------------------------------- Aggregate cost............... $ 805,112 $ 667,091 $ 369,764 $ 77,739 $22,605 -------- -------- -------- ------- ------ Gross unrealized appreciation.............. $ 42,786 $ 32,453 $ 15,932 $ 3,705 $ 1,095 Gross unrealized depreciation.............. (2,172) (416) (502) (148) - -------- -------- -------- ------- ------ Net unrealized appreciation.............. $ 40,614 $ 32,037 $ 15,430 $ 3,557 $ 1,095 ========= ========= ========= ======== =======
5. Concentration of Credit Risk The Funds invest substantially all of their assets in a diversified portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. NYTFI, CITF and NJTFI primarily invest in issuers in the States of New York, California and New Jersey, respectively. TFI invested approximately 24.7% of its net assets in issuers in New York State. The issuer's abilities to meet their obligations may be affected by economic or political developments in a specific state or region. 6. Trustee Compensation The Funds have adopted an unfunded noncontributory defined benefit pension plan covering all independent trustees of the Funds who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this plan are based on compensation and years of service. Pension expenses for the six months ended February 28, 2001, included in Trustees Fees in the Statement of Operations, and accrued pension liability included in Other Accrued Liabilities, in the Statement of Assets and Liabilities were as follows (in thousands): Pension Accrued Pension Expenses Liability -------------------------------------------------------------------------------- TFI $8 $71 ITFI 7 70 NYTFI 3 23 NJTFI 1 6 CITF - 3 7. Bank Borrowings The Funds may borrow money for temporary or emergency purposes. Any borrowings representing more than 5% of a Fund's total assets must 58 JPMorgan Funds -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) be repaid before the Fund may make additional investments. The funds have entered into an agreement, enabling them to participate with other Chase Vista Funds in an unsecured line of credit with a syndicate of banks, which permits borrowings up to $350 million, collectively. Interest is charged to each fund based on its borrowings at an annual rate equal to the sum of the Federal Funds Rate plus 0.50%. The Funds also pay a commitment fee of 0.10% per annum on the average daily amount of the available commitment, which is allocated on a pro-rata basis to the Funds. The commitment fee is included in Other expenses on the Statement of Operations. Borrowings are payable on demand. The Funds had no borrowings outstanding at February 28, 2001, nor at any time during the year then ended. 8. Reorganizations On February 16, 2001, TFI and NYTFI (the "acquiring funds") acquired all the net assets of Chase Vista Tax Free Income Fund ("CVTFI") and Chase Vista New York Tax Free Income Fund ("CVNYTFI") (collectively, the "acquired funds"), respectively, pursuant to Reorganization Plans approved by CVTFI and CVNYTFI shareholders on January 26, 2001. The transactions were structured for tax purposes to qualify as tax-free reorganizations under the Internal Revenue Code. Under each Reorganization Plan, shareholders of the acquired funds received shares in the acquiring funds with a value equal to their holdings in the acquired funds. Holders of Class A Shares in the acquired funds received Class A Shares in the acquiring funds and holders of Class B Shares in the acquired funds received Class B Shares in the acquiring funds. The following is a summary of shares outstanding, net assets, net asset values per share and net unrealized appreciation immediately before and after the reorganization:
Before After Before After Reorganization Reorganization Reorganization Reorganization ------------------------- ------------- ------------------------- ------------- CVTFI TFI TFI CVNYTFI NYTFI NYTFI ----------- ----------- ------------- ----------- ----------- ------------- Class A Shares 4,211,871 8,191,841 6,653,356 10,754,108 Net Assets $ 52,784,038 $ 52,784,038 $ 77,620,280 $ 77,620,280 Net Asset Value $ 12.53 $ 6.44 $ 11.67 $ 7.22 Class B Shares 832,033 1,609,355 1,088,287 1,754,524 Net Assets $ 10,370,788 $ 10,370,788 $ 12,669,055 $ 12,669,055 Net Asset Value $ 12.46 $ 6.44 $ 11.64 $ 7.22 Class I Shares 122,398,528 122,398,528 39,361,372 39,361,372 Net Assets $788,020,648 $788,020,648 $284,240,813 $284,240,813 Net Asset Value $ 6.44 $ 6.44 $ 7.22 $ 7.22 Net Unrealized Appreciation $ 2,198,910 $ 39,531,740 $ 41,730,650 $ 2,920,739 $ 13,199,227 $ 16,119,966
59 JPMorgan Funds -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) 9. Subsequent Events On April 3, 2001, the Board of Trustees of Mutual Fund Select Trust and Mutual Fund Trust approved a Plan of Reorganization (the "Reorganization Plan") between the Funds listed below. Under the Reorganization Plan, the acquired fund would transfer all of its assets and liabilities to the acquiring fund in a tax-free reorganization. In exchange, shareholders of the acquired fund would receive shares of the acquiring fund with a value equal to their respective holdings in the acquired fund. The costs and expenses associated with the Reorganization will be borne by the Advisor and not by the Funds (or by the shareholders of either fund.) The Reorganization can be consummated only if, among other things, it is approved by the vote of a majority (as defined by the 1940 Act) of outstanding voting securities of the Funds.
Acquiring Fund Acquired Fund --------------------------------------------------------------------------------------------- ITFI J.P. Morgan Tax Exempt Bond Fund ITFI J.P. Morgan Institutional Tax Exempt Bond Fund NYTFI J.P. Morgan New York Tax Exempt Bond Fund NYTFI J.P. Morgan Institutional New York Tax Exempt Bond Fund J.P. Morgan California Bond Fund CITF
60 JPMorgan Funds -------------------------------------------------------------------------------- Notes to Financial Statements (continued) 10. Capital Share Transactions Capital share transactions were as follows for the periods presented (amounts in thousands): TAX FREE INCOME FUND
---------------------------------------------------------------------------------------------------------------------- Class A Class B Class I ---------------------------------------------------------------------------------------------------------------------- Amount Shares Amount Shares Amount Shares ---------------------------------------------------------------------------------------------------------------------- Six Months Ended February 28, 2001* ---------------------------------------------------------------------------------------------------------------------- Shares sold $ 1,528 241 $ - - $ 49,719 7,855 Shares issued in connection with fund merger (Note 8) 52,784 8,192 10,371 1,609 - - Shares issued in reinvestment of distributions - - - - 25 4 Shares redeemed (1,967) (306) (248) (38) (40,246) (6,322) ---------------------------------------------------------------------------------------------------------------------- Net increase in Fund shares outstanding $ 52,345 8,127 $ 10,123 1,571 $ 9,498 1,537 ====================================================================================================================== Year Ended August 31, 2000 ---------------------------------------------------------------------------------------------------------------------- Shares sold $ 94,232 15,513 Shares issued in reinvestment of distributions 55 9 Shares redeemed (93,114) (15,332) ---------------------------------------------------------------------------------------------------------------------- Net increase in Fund shares outstanding $ 1,173 190 ======================================================================================================================
* For Class A and B Shares, from commencement of offering on February 16, 2001. INTERMEDIATE TAX FREE INCOME FUND
--------------------------------------------------------------------------------------- Class I --------------------------------------------------------------------------------------- Amount Shares --------------------------------------------------------------------------------------- Six Months Ended February 28, 2001 --------------------------------------------------------------------------------------- Shares sold $ 35,052 3,317 Shares issued in reinvestment of distributions 20 2 Shares redeemed (41,172) (3,909) --------------------------------------------------------------------------------------- Net decrease in Fund shares outstanding $ (6,100) (590) ======================================================================================= Year Ended August 31, 2000 --------------------------------------------------------------------------------------- Shares sold $ 66,780 6,521 Shares issued in reinvestment of distributions 3,806 372 Shares redeemed (107,611) (10,502) --------------------------------------------------------------------------------------- Net decrease in Fund shares outstanding $(37,025) (3,609) =======================================================================================
61 JPMorgan Funds -------------------------------------------------------------------------------- Notes to Financial Statements (continued) NEW YORK INTERMEDIATE TAX FREE INCOME FUND
---------------------------------------------------------------------------------------------------------------------- Class A Class B Class I ---------------------------------------------------------------------------------------------------------------------- Amount Shares Amount Shares Amount Shares ---------------------------------------------------------------------------------------------------------------------- Six Months Ended February 28, 2001* ---------------------------------------------------------------------------------------------------------------------- Shares sold $ 127 18 $ 100 14 $ 30,596 4,293 Shares issued in connection with fund merger (Note 8) 77,620 10,754 12,669 1,754 - - Shares issued in reinvestment of distributions - - - - 4 1 Shares redeemed (203) (28) (30) (4) (19,536) (2,769) Net increase in Fund shares outstanding $ 77,544 10,744 $ 12,739 1,764 $ 11,064 1,525 ====================================================================================================================== Year Ended August 31, 2000 ---------------------------------------------------------------------------------------------------------------------- Shares sold $ 42,794 6,259 Shares issued in reinvestment of distributions 89 13 Shares redeemed (64,427) (9,421) ---------------------------------------------------------------------------------------------------------------------- Net decrease in Fund shares outstanding $(21,544) (3,149) ======================================================================================================================
* For Class A and B Shares, from commencement of offering on February 16, 2001. NEW JERSEY TAX FREE INCOME FUND
--------------------------------------------------------------------------------------- Class I --------------------------------------------------------------------------------------- Amount Shares --------------------------------------------------------------------------------------- Six Months Ended February 28, 2001 --------------------------------------------------------------------------------------- Shares sold $ 10,563 1,067 Shares issued in reinvestment of distributions 4 1 Shares redeemed (4,121) (417) --------------------------------------------------------------------------------------- Net increase in Fund shares outstanding $ 6,446 651 ======================================================================================= Year Ended August 31, 2000 --------------------------------------------------------------------------------------- Shares sold $ 12,035 1,271 Shares issued in reinvestment of distributions 6 1 Shares redeemed (8,140) (862) --------------------------------------------------------------------------------------- Net increase in Fund shares outstanding $ 3,901 410 =======================================================================================
62 JPMorgan Funds -------------------------------------------------------------------------------- Notes to Financial Statements (continued) CALIFORNIA INTERMEDIATE TAX FREE FUND
--------------------------------------------------------------------------------------- Class A --------------------------------------------------------------------------------------- Amount Shares --------------------------------------------------------------------------------------- Six Months Ended February 28, 2001 --------------------------------------------------------------------------------------- Shares sold $ 2,747 268 Shares issued in reinvestment of distributions 180 18 Shares redeemed (1,077) (107) --------------------------------------------------------------------------------------- Net increase in Fund shares outstanding $ 1,850 179 ======================================================================================= Year Ended August 31, 2000 --------------------------------------------------------------------------------------- Shares sold $ 653 67 Shares issued in reinvestment of distributions 591 61 Shares redeemed (3,275) (338) --------------------------------------------------------------------------------------- Net decrease in Fund shares outstanding $ (2,031) (210) =======================================================================================
63 -------------------------------------------------------------------------------- JPMorgan Funds Financial Highlights (unaudited) FINANCIAL HIGHLIGHTS (unaudited)
Tax Free Income Fund @ ------------------------------------------------------------------------------- Class A Class B Institutional Class ------- ------- ------------------------------------------------------- 2/16/01^ 2/16/01^ 9/1/00 Year Ended 1/1/97* Through Through Through ------------------------------- Through 2/28/01 2/28/01 2/28/01 8/31/00 8/31/99 8/31/98 8/31/97 ------ ------ ------ ------ ------ ------ ------ Per share operating performance: Net asset value, beginning of period........... $ 6.44 $ 6.44 $ 6.25 $ 6.19 $ 6.60 $ 6.45 $ 6.39 ------ ------ ------ ------ ------ ------ ------ Income from investment operations: Net investment income........................ 0.01 0.01 0.14 0.30 0.34 0.35 0.24 Net gains or losses in securities (both realized and unrealized)................... - - 0.19 0.06 (0.37) 0.21 0.06 ------ ------ ------ ------ ------ ------ ------ Total from investment operations........... 0.01 0.01 0.33 0.36 (0.03) 0.56 0.30 ------ ------ ------ ------ ------ ------ ------ Less distributions: Dividends from net investment income......... 0.01 0.01 0.14 0.30 0.34 0.35 0.24 Distributions from capital gains............. - - - - 0.04 0.06 - ------ ------ ------ ------ ------ ------ ------ Total distributions........................ 0.01 0.01 0.14 0.30 0.38 0.41 0.24 ------ ------ ------ ------ ------ ------ ------ Net asset value, end of period................. $ 6.44 $ 6.44 $ 6.44 $ 6.25 $ 6.19 $ 6.60 $ 6.45 ======= ======= ======= ======= ======= ======= ======= Total return(1)................................ 0.11% 0.09% 5.42% 6.11% (0.63%) 8.99% 4.86% Ratios/supplemental data: Net assets, end of period (millions)......... $ 52 $ 10 $ 785 $ 753 $ 744 $ 761 $ 677 Ratios to average net assets:# Expenses..................................... 0.52% 1.14% 0.74% 0.57% 0.03% 0.02% 0.02% Net investment income........................ 4.83% 4.21% 4.61% 4.98% 5.25% 5.39% 5.73% Expenses without waivers, reimbursements and earnings credits....................... 0.85% 1.19% 0.74% 0.66% 0.50% 0.50% 0.49% Net investment income without waivers, reimbursements and earnings credits........ 4.50% 4.16% 4.61% 4.89% 4.78% 4.91% 5.26% Portfolio turnover rate........................ 26% 26% 26% 35% 39% 47% 48% -----------------------------------------------------------------------------------------------------------------------------------
@ Formerly Chase Vista Select Tax Free Income Fund. * Commencement of operations. ^ Commencement of offering of class of shares. (1) Total return figures do not include the effect of any front-end or deferred sales load. # Short periods have been annualized. See notes to financial statements. 64 JPMorgan Funds -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited) (continued)
Intermediate Tax Free Income Fund @ --------------------------------------------------- Institutional Class --------------------------------------------------- 9/1/00 Year Ended 1/1/97* Through ----------------------------- Through 2/28/01 8/31/00 8/31/99 8/31/98 8/31/97 ------ ------ ------ ------ ------ Per share operating performance: Net asset value, beginning of period.............. $ 10.46 $ 10.42 $ 10.93 $ 10.85 $ 10.75 ------ ------ ------ ------ ------ Income from investment operations: Net investment income........................... 0.22 0.46 0.52 0.56 0.39 Net gains or losses in securities (both realized and unrealized)...................... 0.27 0.10 (0.39) 0.29 0.10 ------ ------ ------ ------ ------ Total from investment operations.............. 0.49 0.56 0.13 0.85 0.49 ------ ------ ------ ------ ------ Less distributions: Dividends from net investment income............ 0.22 0.46 0.52 0.56 0.39 Distributions from capital gains................ - 0.06 0.12 0.21 - ------ ------ ------ ------ ------ Total distributions........................... 0.22 0.52 0.64 0.77 0.39 ------ ------ ------ ------ ------ Net asset value, end of period.................... $ 10.73 $ 10.46 $ 10.42 $ 10.93 $ 10.85 ======= ======= ======= ======= ======= Total return...................................... 4.72% 5.54% 1.15% 8.08% 4.58% Ratios/supplemental data: Net assets, end of period (millions)............ $ 706 $ 694 $ 729 $ 717 $ 631 Ratios to average net assets:# Expenses........................................ 0.74% 0.57% 0.03% 0.02% 0.02% Net investment income........................... 4.18% 4.49% 4.81% 5.10% 5.40% Expenses without waivers, reimbursements and earnings credits.......................... 0.74% 0.66% 0.50% 0.50% 0.50% Net investment income without waivers, reimbursements and earnings credits........... 4.18% 4.40% 4.34% 4.62% 4.92% Portfolio turnover rate........................... 15% 60% 62% 71% 60% ----------------------------------------------------------------------------------------------------------
@ Formerly Chase Vista Select Intermediate Tax Free Income Fund. * Commencement of operations. # Short periods have been annualized. See notes to financial statements. 65 JPMorgan Funds -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
New York Intermediate Tax Free Income Fund @ ------------------------------------------------------------------------------- Class A Class B Institutional Class ------- ------- ------------------------------------------------------- 2/16/01^ 2/16/01^ 9/1/00 Year Ended 1/1/97* Through Through Through ------------------------------- Through 2/28/01 2/28/01 2/28/01 8/31/00 8/31/99 8/31/98 8/31/97 ------ ------ ------ ------ ------ ------ ------ Per share operating performance: Net asset value, beginning of period........... $ 7.22 $ 7.22 $ 7.01 $ 6.91 $ 7.29 $ 7.15 $ 7.09 ------ ------ ------ ------ ------ ------ ------ Income from investment operations: Net investment income........................ 0.01 0.01 0.15 0.31 0.35 0.37 0.26 Net gains or losses in securities (both realized and unrealized)................... (0.01) (0.01) 0.20 0.10 (0.31) 0.21 0.06 ------ ------ ------ ------ ------ ------ ------ Total from investment operations........... - - 0.35 0.41 0.04 0.58 0.32 ------ ------ ------ ------ ------ ------ ------ Less distributions: Dividends from net investment income......... 0.01 0.01 0.15 0.31 0.35 0.37 0.26 Distributions from capital gains............. - - - - 0.07 0.07 - ------ ------ ------ ------ ------ ------ ------ Total distributions........................ 0.01 0.01 0.15 0.31 0.42 0.44 0.26 ------ ------ ------ ------ ------ ------ ------ Net asset value, end of period................. $ 7.21 $ 7.21 $ 7.21 $ 7.01 $ 6.91 $ 7.29 $ 7.15 ======= ======= ======= ======= ======= ======= ======= Total return(1)................................ (0.04%) (0.06) 5.02% 6.13% 0.38% 8.37% 4.62% Ratios/supplemental data: Net assets, end of period (millions)......... $ 77 $ 13 $ 296 $ 277 $ 295 $ 283 $ 235 Ratios to average net assets:# Expenses..................................... 0.52% 1.14% 0.75% 0.58% 0.04% 0.03% 0.03% Net investment income........................ 4.44% 3.82% 4.21% 4.48% 4.85% 5.08% 5.52% Expenses without waivers, reimbursements and earnings credits....................... 1.13% 1.47% 0.77% 0.70% 0.53% 0.53% 0.53% Net investment income without waivers, reimbursements and earnings credits........ 3.83% 3.49% 4.19% 4.36% 4.36% 4.58% 5.02% Portfolio turnover rate........................ 33% 33% 33% 46% 39% 66% 32% -----------------------------------------------------------------------------------------------------------------------------------
@ Formerly Chase Vista Select Tax Free Income Fund. * Commencement of operations. ^ Commencement of offering of class of shares. (1) Total return figures do not include the effect of any front-end or deferred sales load. # Short periods have been annualized. See notes to financial statements. 66 JPMorgan Funds -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited) (continued)
New Jersey Tax Free Income Fund @ --------------------------------------------------- Institutional Class --------------------------------------------------- 9/1/00 Year Ended 1/1/97* Through ----------------------------- Through 2/28/01 8/31/00 8/31/99 8/31/98 8/31/97 ------ ------ ------ ------ ------ Per share operating performance: Net asset value, beginning of period.............. $ 9.73 $ 9.61 $ 10.24 $ 10.04 $ 9.99 ------ ------ ------ ------ ------ Income from investment operations: Net investment income........................... 0.21 0.44 0.49 0.52 0.37 Net gains or losses in securities (both realized and unrealized)...................... 0.36 0.12 (0.45) 0.24 0.05 ------ ------ ------ ------ ------ Total from investment operations.............. 0.57 0.56 0.04 0.76 0.42 ------ ------ ------ ------ ------ Less distributions: Dividends from net investment income............ 0.21 0.44 0.49 0.52 0.37 Distributions from capital gains................ - - 0.18 0.04 - ------ ------ ------ ------ ------ Total distributions........................... 0.21 0.44 0.67 0.56 0.37 ------ ------ ------ ------ ------ Net asset value, end of period.................... $ 10.09 $ 9.73 $ 9.61 $ 10.24 $ 10.04 ======= ======= ======= ======= ======= Total return...................................... 5.92% 6.08% 0.37% 7.82% 4.20% Ratios/supplemental data: Net assets, end of period (millions)............ $ 82 $ 73 $ 68 $ 71 $ 64 Ratios to average net assets:# Expenses........................................ 0.75% 0.59% 0.04% 0.02% 0.02% Net investment income........................... 4.28% 4.67% 4.94% 5.16% 5.52% Expenses without waivers, reimbursements and earnings credits.......................... 0.94% 0.82% 0.63% 0.63% 0.57% Net investment income without waivers, reimbursements and earnings credits........... 4.09% 4.44% 4.35% 4.55% 4.97% Portfolio turnover rate........................... 48% 48% 24% 60% 14% ---------------------------------------------------------------------------------------------------------
@ Formerly Chase Vista Select New Jersey Tax Free Income Fund. * Commencement of operations. # Short periods have been annualized. See notes to financial statements. 67 JPMorgan Funds -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited) (continued)
California Intermediate Tax Free Fund @ ------------------------------------------------------------------- Class A ------------------------------------------------------------------- 9/1/00 Year Ended Through -------------------------------------------------------- 2/28/01 8/31/00 8/31/99 8/31/98 8/31/97 8/31/96 ------ ------ ------ ------ ------ ------ Per share operating performance: Net asset value, beginning of period.............. $ 10.00 $ 9.79 $ 10.29 $ 10.07 $ 9.81 $ 9.89 ------- ------- ------- ------- ------- ------- Income from investment operations: Net investment income........................... 0.21 0.42 0.41 0.45 0.46 0.48 Net gains or losses in securities (both realized and unrealized)...................... 0.23 0.31 (0.37) 0.32 0.26 0.01 ------- ------- ------- ------- ------- ------- Total from investment operations.............. 0.44 0.73 0.04 0.77 0.72 0.49 ------- ------- ------- ------- ------- ------- Less distributions: Dividends from net investment income............ 0.21 0.42 0.41 0.45 0.33 0.48 Distributions from capital gains................ - 0.10 0.13 0.10 0.13 0.09 ------- ------- ------- ------- ------- ------- Total distributions........................... 0.21 0.52 0.54 0.55 0.46 0.57 ------- ------- ------- ------- ------- ------- Net asset value, end of period.................... $ 10.23 $ 10.00 $ 9.79 $ 10.29 $ 10.07 $ 9.83 ======== ======== ======== ======== ======== ======== Total return(1)................................... 4.50% 7.83% 0.28% 7.81% 7.46% 5.00% Ratios/supplemental data: Net assets, end of period (millions)............ $ 22 $ 19 $ 21 $ 24 $ 26 $ 28 Ratios to average net assets:# Expenses........................................ 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% Net investment income........................... 4.29% 4.35% 3.99% 4.38% 4.65% 4.77% Expenses without waivers, reimbursements and earnings credits.......................... 1.55% 1.55% 1.46% 1.44% 1.33% 1.47% Net investment income without waivers, reimbursements and earnings credits........... 3.34% 3.40% 3.13% 3.54% 3.92% 3.90% Portfolio turnover rate........................... 22% 116% 111% 44% 66% 188% ---------------------------------------------------------------------------------------------------------------------------
@ Formerly Chase Vista California Intermediate Tax Free Fund. (1) Total return figures do not include the effect of any front-end or deferred sales load. # Short periods have been annualized. See notes to financial statements. 68 -------------------------------------------------------------------------------- JPMorgan Funds Funds Special Meeting of Shareholders (unaudited) A Special Meeting of Shareholders was held on January 26, 2001 at One Chase Square, Rochester, New York 14643 for purposes of approving an Agreement and Plan of Reorganization (the "Reorganization Plan") between Chase Vista Select New York Intermediate Tax Free Income Fund and Chase Vista Select Tax Free Income Fund (the "acquiring funds"), both a series of Mutual Fund Select Trust and Chase Vista New York Tax Free Income Fund and Chase Vista Tax Free Income Fund (the "acquired funds"), both a series of Mutual Fund Trust. Under the Reorganization Plan, the acquired funds would transfer all of their asset and liabilities to the acquiring funds in a tax-free reorganization. In exchange, shareholders of the acquired funds would receive shares of the acquiring funds with a value equal to their respective holdings in the acquired funds. A majority of shareholders of Chase Vista New York Tax Free Income Fund and Chase Vista Tax Free Income Fund, respectively, approved the Reorganization Plan by the following votes: Chase Vista New York Chase Vista Tax Free Tax Free Income Fund Income Fund -------------------------------------------------------------------------------- For 3,823,042 2,529,246 Against 346,885 58,795 Abstain 149,156 74,968 69 -------------------------------------------------------------------------------- JPMorgan Tax Free Funds Semi-Annual Report INVESTMENT ADVISER JPMorgan Fleming Asset Management ADMINISTRATOR, SHAREHOLDER AND FUND SERVICING AGENT AND CUSTODIAN The Chase Manhattan Bank DISTRIBUTOR J.P. Morgan Fund Distributors, Inc. TRANSFER AGENT DST Systems, Inc. LEGAL COUNSEL Simpson, Thatcher & Barnett INDEPENDENT ACCOUNTANTS PriceWaterhouseCoopers LLP JPMorgan Funds are distributed by J.P. Morgan Fund Distributors, Inc. which is unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates receive compensation from JPMorgan Funds for providing services to the Funds. This report is submitted for the general information of the shareholders of the funds. It is not authorized for distribution to prospective investors in the funds unless preceeded or accompanied by a prospectus. The financial information in this report has been taken from the books and records of the funds without examination by independent accoutants, who express no opinion thereto. To obtain a prospectus for any of the JPMorgan Funds, call 1-800-348-4782. The prospectus contains more complete information, including charges and expenses. Please read it carefully before you invest or send money. JPMorgan Funds Fulfillment Center 393 Manley Street West Bridgewater, MA 02379-1039 (c) J.P. Morgan Chase & Co., All Rights Reserved. April 2001 ANSTF-2-40