-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JPH/C55aevvM59co00KbAuk1f9zBOtSo5MobF0ihnCLme2PC4dYXaYcTdKXafRtX 6KFoxSvP5SzK1kDxpKSa6Q== 0000912057-01-512168.txt : 20010503 0000912057-01-512168.hdr.sgml : 20010503 ACCESSION NUMBER: 0000912057-01-512168 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010228 FILED AS OF DATE: 20010502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUTUAL FUND TRUST CENTRAL INDEX KEY: 0000919034 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-08358 FILM NUMBER: 1619677 BUSINESS ADDRESS: STREET 1: 1 CHASE MANHATTAN PLAZA STREET 2: 3RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10081 MAIL ADDRESS: STREET 1: ONE CHASE SQUARE 7TH FLOOR CITY: ROCHESTER STATE: NY ZIP: 14643 N-30D 1 a2046670zn-30d.txt N-30D Semi-Annual Report February 28, 2001 (unaudited) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- JPMorgan Money Market Funds 100% U.S. Treasury Securities Money Market Fund U.S. Government Money Market Fund Treasury Plus Money Market Fund Federal Money Market Fund II Prime Money Market Fund II Tax Free Money Market Fund New York Tax Free Money Market Fund California Tax Free Money Market Fund [LOGO] JPMorgan Fleming Asset Management Contents Letter to the Shareholders ................................................ 1 JPMorgan 100% U.S. Treasury Securities Money Market Fund Fund Facts ................................................................ 2 JPMorgan U.S. Government Money Market Fund Fund Facts ................................................................ 3 JPMorgan Treasury Plus Money Market Fund Fund Facts ................................................................ 4 JPMorgan Federal Money Market Fund II Fund Facts ................................................................ 5 JPMorgan Prime Money Market Fund II Fund Facts ................................................................ 6 JPMorgan Tax Free Money Market Fund Fund Facts ................................................................ 7 JPMorgan New York Tax Free Money Market Fund Fund Facts ................................................................ 8 JPMorgan California Tax Free Money Market Fund Fund Facts ................................................................ 9 Portfolios of Investments ................................................. 10 Financial Statements ...................................................... 63 Notes to Financial Statements ............................................. 72 Highlights o The U.S. economy slowed dramatically during the reporting period, with GDP growth in the fourth quarter of 2000 slipping to a tepid 1.1%. o After six interest rate increases beginning in June 1999, the Fed Funds rate stood at 6.50% through most of the reporting period. o The Federal Open Markets Committee (FOMC) changed course and made an inter-meeting cut in the Federal Funds rate of .50% on January 3, 2001. It acted again at its late-January meeting, cutting the Fed Funds rate by another .50%. ------------------------------------------------------- NOT FDIC INSURED | May lose value / No bank guarantee ------------------------------------------------------- JPMorgan Funds are distributed by J.P. Morgan Fund Distributors, Inc. - -------------------------------------------------------------------------------- JPMorgan Money Market Funds LETTER TO THE SHAREHOLDERS April 9, 2001 Dear Shareholder: We are pleased to present this semi-annual report for the JPMorgan Money Market Funds for the six months ended February 28, 2001. As you are aware, a historic merger was completed on December 31, 2000 between J.P. Morgan and Chase Manhattan, creating J.P. Morgan 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 rename 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 money market funds, including holdings and maturity structure. 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. As 2000 drew to a close, concerns grew that the desired soft landing for the economy may give way to a harder landing, perhaps even a recession. In fact, the monthly National Association of Purchasing Managers (NAPM) readings fell to levels that signaled recession in the final months of 2000. In response to this and other weak data, the Federal Reserve moved to a bias towards lowering short-term interest rates and then made an unexpected cut of .50% in the Federal Funds rate on January 3, 2001. The Fed moved again with a .50% cut at its regular end of January meeting. A Hard Landing? As consumer confidence began falling, expectations rose that the Fed would act again before its March meeting. However, mixed economic signals began to arrive, showing strength in key areas such as housing, automobiles and retail. This caused a great deal of uncertainty in the fixed income markets as investors began to question whether the Fed had gotten behind in its work of creating the desired soft landing. By waiting until the regular March meeting, Mr. Greenspan and his colleagues at the Fed showed that they are taking a deliberate approach in cutting rates. In our view, this approach does not obscure the fact that the Fed is in the midst of a multi-step easing process which should continue into the summer and perhaps throughout 2001. Overall, we believe that the odds of a hard landing have increased to the point that they're now even with those of a soft landing. In this environment, our fixed income team will continue to focus on preservation of principal first and foremost while attempting to lock in the highest possible yields given the falling-rate backdrop. 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 Funds. We look forward to serving your investment needs for many years to come. Sincerely yours, /s/ George Gatch George Gatch Managing Director 1 - -------------------------------------------------------------------------------- JPMorgan 100% U.S. Treasury Securities Money Market Fund As of February 28, 2001 (Unaudited) FUND FACTS - -------------------------------------------------------------------------------- Objective High current income consistent with capital preservation - -------------------------------------------------------------------------------- Primary investments Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes - -------------------------------------------------------------------------------- Suggested investment time frame Short-term - -------------------------------------------------------------------------------- Share classes offered Vista, Premier and Institutional Shares - -------------------------------------------------------------------------------- Net assets $5.6 Billion - -------------------------------------------------------------------------------- Average maturity 61 days - -------------------------------------------------------------------------------- S&P Rating Not Rated - -------------------------------------------------------------------------------- Moody's Rating Not Rated - -------------------------------------------------------------------------------- NAIC Rating Not Rated - -------------------------------------------------------------------------------- MATURITY SCHEDULE ---------------------------------------------- 1-14 days 0.00% ---------------------------------------------- 15-30 days 16.04% ---------------------------------------------- 31-60 days 41.53% ---------------------------------------------- 61-90 days 34.74% ---------------------------------------------- 91-180 days 7.69% ---------------------------------------------- 181-270 days 0.00% ---------------------------------------------- 271+ days 0.00% ---------------------------------------------- 7-DAY SEC YIELD(1) ---------------------------------------------- Vista Shares 4.81% ---------------------------------------------- Premier Shares 4.92% ---------------------------------------------- Institutional Shares 5.15% ---------------------------------------------- Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. (1) The yields for Vista Shares, Premier Shares and Institutional Shares reflect the voluntary waiver of certain expenses. Without waivers, the yields would have been 4.69%, 4.88% and 5.05% for Vista Shares, Premier Shares and Institutional Shares, respectively. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 2 - -------------------------------------------------------------------------------- JPMorgan U.S. Government Money Market Fund As of February 28, 2001 (Unaudited) FUND FACTS - -------------------------------------------------------------------------------- Objective High current income consistent with capital preservation - -------------------------------------------------------------------------------- Primary investments Direct obligations of the U.S. Treasury and its Agencies including Treasury bills, bonds, notes and repurchase agreements - -------------------------------------------------------------------------------- Suggested investment time frame Short-term - -------------------------------------------------------------------------------- Share classes offered Vista, Premier and Institutional Shares - -------------------------------------------------------------------------------- Net assets $8.7 Billion - -------------------------------------------------------------------------------- Average maturity 41 days - -------------------------------------------------------------------------------- S&P Rating* AAA - -------------------------------------------------------------------------------- Moody's Rating* Aaa - -------------------------------------------------------------------------------- NAIC Rating* Class 1 - -------------------------------------------------------------------------------- * This rating is historical and is based upon the Fund's credit quality, market price exposure and management. It signifies that the Fund's safety is excellent and that it has superior capacity to maintain a $1 Net Asset Value per share. The National Association of Insurance Commissioners' (NAIC's) Class 1 status indicates that the Fund meets certain pricing and quality guidelines. MATURITY SCHEDULE --------------------------------------------- 1-14 days 75.92% --------------------------------------------- 15-30 days 1.69% --------------------------------------------- 31-60 days 2.85% --------------------------------------------- 61-90 days 1.67% --------------------------------------------- 91-180 days 11.44% --------------------------------------------- 181-270 days 0.00% --------------------------------------------- 271+ days 6.43% --------------------------------------------- 7-DAY SEC YIELD(1) --------------------------------------------- Vista Shares 5.06% --------------------------------------------- Premier Shares 5.20% --------------------------------------------- Institutional Shares 5.39% --------------------------------------------- Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. (1) The yields for Vista Shares, Premier Shares and Institutional Shares reflect the voluntary waiver of certain expenses. Without waivers, the yields would have been 4.96%, 5.07% and 5.33% for Vista Shares, Premier Shares and Institutional Shares, respectively. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 3 - -------------------------------------------------------------------------------- JPMorgan Treasury Plus Money Market Fund As of February 28, 2001 (Unaudited) FUND FACTS - -------------------------------------------------------------------------------- Objective High current income consistent with capital preservation - -------------------------------------------------------------------------------- Primary investments Direct obligations of the U.S. Treasury includ ing Treasury bills, bonds and notes as well as repurchase agreements which are fully collateralized by obligations issued or guaranteed by the U.S. Treasury - -------------------------------------------------------------------------------- Suggested investment time frame Short-term - -------------------------------------------------------------------------------- Share classes offered Vista, Premier and Institutional Shares - -------------------------------------------------------------------------------- Net assets $2.8 Billion - -------------------------------------------------------------------------------- Average maturity 23 days - -------------------------------------------------------------------------------- S&P Rating* AAA - -------------------------------------------------------------------------------- Moody's Rating* Aaa - -------------------------------------------------------------------------------- NAIC Rating* Exempt - -------------------------------------------------------------------------------- * This rating is historical and is based upon the Fund's credit quality, market price exposure and management. It signifies that the Fund's safety is excellent and that it has superior capacity to maintain a $1 Net Asset Value per share. The National Association of Insurance Commissioners' (NAIC's) "exempt" status indicates that the Fund meets certain pricing and quality guidelines. MATURITY SCHEDULE --------------------------------------------- 1-14 days 56.05% --------------------------------------------- 15-30 days 7.05% --------------------------------------------- 31-60 days 22.88% --------------------------------------------- 61-90 days 14.02% --------------------------------------------- 91-180 days 0.00% --------------------------------------------- 181-270 days 0.00% --------------------------------------------- 271+ days 0.00% --------------------------------------------- 7-DAY SEC YIELD(1) --------------------------------------------- Vista Shares 4.72% --------------------------------------------- Premier Shares 4.86% --------------------------------------------- Institutional Shares 5.06% --------------------------------------------- Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. (1) The yields for Vista Shares, Premier Shares and Institutional Shares reflect the voluntary waiver of certain expenses. Without waivers, the yields would have been 4.61%, 4.81% and 4.97% for Vista Shares, Premier Shares and Institutional Shares, respectively. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 4 - -------------------------------------------------------------------------------- JPMorgan Federal Money Market Fund II As of February 28, 2001 (Unaudited) FUND FACTS - -------------------------------------------------------------------------------- Objective High current income consistent with capital preservation - -------------------------------------------------------------------------------- Primary investments Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as obligations issued or guaranteed by the U.S. Treasury and its Agencies - -------------------------------------------------------------------------------- Suggested investment time frame Short-term - -------------------------------------------------------------------------------- Share classes offered Vista, Premier, Institutional and Reserve Shares - -------------------------------------------------------------------------------- Net assets $1.9 Billion - -------------------------------------------------------------------------------- Average maturity 57 days - -------------------------------------------------------------------------------- S&P Rating Not Rated - -------------------------------------------------------------------------------- Moody's Rating Not Rated - -------------------------------------------------------------------------------- NAIC Rating Not Rated - -------------------------------------------------------------------------------- MATURITY SCHEDULE --------------------------------------------- 1-14 days 53.87% --------------------------------------------- 15-30 days 3.95% --------------------------------------------- 31-60 days 6.48% --------------------------------------------- 61-90 days 10.45% --------------------------------------------- 91-180 days 8.54% --------------------------------------------- 181-270 days 5.21% --------------------------------------------- 271+ days 11.50% --------------------------------------------- 7-DAY SEC YIELD(1) --------------------------------------------- Vista Shares 5.00% --------------------------------------------- Premier Shares 5.21% --------------------------------------------- Institutional Shares 5.44% --------------------------------------------- Reserve Shares 4.96% --------------------------------------------- Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. (1) The yields for Vista Shares, Institutional Shares and Reserve Shares reflect the voluntary waiver of certain expenses. Without waivers, the yields would have been 4.96%, 5.37% and 4.31% for Vista Shares, Institutional Shares and Reserve Shares, respectively. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 5 - -------------------------------------------------------------------------------- JPMorgan Prime Money Market Fund II As of February 28, 2001 (Unaudited) FUND FACTS - -------------------------------------------------------------------------------- Objective High current income consistent with capital preservation - -------------------------------------------------------------------------------- Primary investments High quality, short-term, U.S. dollar- denominated money market instruments - -------------------------------------------------------------------------------- Suggested investment time frame Short-term - -------------------------------------------------------------------------------- Share classes offered Vista, Premier, Institutional, Reserve, B and C Shares - -------------------------------------------------------------------------------- Net assets $29.6 Billion - -------------------------------------------------------------------------------- Average maturity 45 days - -------------------------------------------------------------------------------- S&P Rating* AAA - -------------------------------------------------------------------------------- Moody's Rating* Aaa - -------------------------------------------------------------------------------- NAIC Rating* Class 1 - -------------------------------------------------------------------------------- * This rating is historical and is based upon the Fund's credit quality, market price exposure and management. It signifies that the Fund's safety is excellent and that it has superior capacity to maintain a $1 Net Asset Value per share. The National Association of Insurance Commissioners' (NAIC's) Class 1 status indicates that the Fund meets certain pricing and quality guidelines. MATURITY SCHEDULE --------------------------------------------- 1-14 days 42.17% --------------------------------------------- 15-30 days 22.58% --------------------------------------------- 31-60 days 10.85% --------------------------------------------- 61-90 days 8.70% --------------------------------------------- 91-180 days 12.57% --------------------------------------------- 181-270 days 1.73% --------------------------------------------- 271+ days 1.40% --------------------------------------------- 7-DAY SEC YIELD(1) --------------------------------------------- B Shares 4.56% --------------------------------------------- C Shares 4.56% --------------------------------------------- Vista Shares 5.21% --------------------------------------------- Premier Shares 5.35% --------------------------------------------- Institutional Shares 5.54% --------------------------------------------- Reserve Shares 5.01% --------------------------------------------- Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. (1) The yields for B Shares, C Shares, Vista Shares, Premier Shares, Institutional Shares and Reserve Shares reflect the voluntary waiver of certain expenses. Without waivers, the yields would have been 4.55%, 4.55%, 5.20%, 5.32%, 5.47% and 4.35% for B Shares, C Shares, Vista Shares, Premier Shares, Institutional Shares and Reserve Shares, respectively. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 6 - -------------------------------------------------------------------------------- JPMorgan Tax Free Money Market Fund As of February 28, 2001 (Unaudited) FUND FACTS - -------------------------------------------------------------------------------- Objective High current tax free income consistent with capital preservation* - -------------------------------------------------------------------------------- Primary investments Short-term municipal obligations - -------------------------------------------------------------------------------- Suggested investment time frame Short-term - -------------------------------------------------------------------------------- Share classes offered Vista, Premier, Institutional and Reserve Shares - -------------------------------------------------------------------------------- Net assets $1.8 Billion - -------------------------------------------------------------------------------- Average maturity 46 days - -------------------------------------------------------------------------------- S&P Rating** AAA - -------------------------------------------------------------------------------- Moody's Rating Not rated - -------------------------------------------------------------------------------- NAIC Rating Not rated - -------------------------------------------------------------------------------- ** This rating is historical and is based upon the Fund's credit quality, market price exposure and management. It signifies that the Fund's safety is excellent and that it has superior capacity to maintain a $1 Net Asset Value per share. MATURITY SCHEDULE --------------------------------------------- 1-14 days 72.01% --------------------------------------------- 15-30 days 1.45% --------------------------------------------- 31-60 days 2.98% --------------------------------------------- 61-90 days 2.84% --------------------------------------------- 91-180 days 14.29% --------------------------------------------- 181-270 days 3.03% --------------------------------------------- 271+ days 3.40% --------------------------------------------- YIELDS Taxable 7-Day Equivalent SEC Yield(1) Yield(2) - -------------------------------------------------------------------------------- Vista Shares 3.10% 5.13% - -------------------------------------------------------------------------------- Premier Shares 3.18% 5.26% - -------------------------------------------------------------------------------- Institutional Shares 3.43% 5.68% - -------------------------------------------------------------------------------- Reserve Shares 2.96% 4.90% - -------------------------------------------------------------------------------- Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. (1) The yields for Vista Shares, Premier Shares, Institutional Shares and Reserve Shares reflect the voluntary waiver of certain expenses. Without waivers, the yields would have been 2.99%, 3.18%, 3.34% and 2.31% for Vista Shares, Premier Shares, Institutional Shares and Reserve Shares, respectively. This voluntary waiver may be modified or terminated at any time, which would reduce performance. (2) Taxable equivalent yields are calculated based on the SEC yield divided by 1 minus the effective tax rate. The effective federal tax rate used for this illustration is 39.6%. * A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. 7 - -------------------------------------------------------------------------------- JPMorgan New York Tax Free Money Market Fund As of February 28, 2001 (Unaudited) FUND FACTS - -------------------------------------------------------------------------------- Objective High current tax free income consistent with capital preservation* - -------------------------------------------------------------------------------- Primary investments New York short-term municipal obligations - -------------------------------------------------------------------------------- Suggested investment time frame Short-term - -------------------------------------------------------------------------------- Share classes offered Vista and Reserve Shares - -------------------------------------------------------------------------------- Net assets $2.2 Billion - -------------------------------------------------------------------------------- Average maturity 38 days - -------------------------------------------------------------------------------- S&P Rating Not rated - -------------------------------------------------------------------------------- Moody's Rating Not rated - -------------------------------------------------------------------------------- NAIC Rating Not rated - -------------------------------------------------------------------------------- MATURITY SCHEDULE --------------------------------------------- 1-14 days 75.46% --------------------------------------------- 15-30 days 1.23% --------------------------------------------- 31-60 days 5.12% --------------------------------------------- 61-90 days 1.24% --------------------------------------------- 91-180 days 11.74% --------------------------------------------- 181-270 days 1.63% --------------------------------------------- 271+ days 3.58% --------------------------------------------- YIELDS Taxable 7-Day Equivalent SEC Yield(1) Yield(2) - -------------------------------------------------------------------------------- Vista Shares 2.95% 5.47% - -------------------------------------------------------------------------------- Reserve Shares 2.75% 5.10% - -------------------------------------------------------------------------------- Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. (1) The yields for Vista Shares and Reserve Shares reflect the voluntary waiver of certain expenses. Without waivers, the yield would have been 2.84% for Vista Shares and 2.05% for Reserve Shares. This voluntary waiver may be modified or terminated at any time, which would reduce performance. (2) Taxable Equivalent Yields are calculated based on the SEC yield divided by 1 minus the effective tax rate. The effective combined federal, state and local tax rate used for this illustration is 46.05%. * A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. 8 - -------------------------------------------------------------------------------- JPMorgan California Tax Free Money Market Fund As of February 28, 2001 (Unaudited) FUND FACTS - -------------------------------------------------------------------------------- Objective High current tax free income consistent with capital preservation* - -------------------------------------------------------------------------------- Primary investments California short-term municipal obligations - -------------------------------------------------------------------------------- Suggested investment time frame Short-term - -------------------------------------------------------------------------------- Share Classes Offered Vista Shares - -------------------------------------------------------------------------------- Net assets $88.6 Million - -------------------------------------------------------------------------------- Average maturity 46 days - -------------------------------------------------------------------------------- S&P Rating Not rated - -------------------------------------------------------------------------------- Moody's Rating Not rated - -------------------------------------------------------------------------------- NAIC Rating Not rated - -------------------------------------------------------------------------------- MATURITY SCHEDULE --------------------------------------------- 1-14 days 73.14% --------------------------------------------- 15-30 days 0.00% --------------------------------------------- 31-60 days 1.13% --------------------------------------------- 61-90 days 6.69% --------------------------------------------- 91-180 days 13.64% --------------------------------------------- 181-270 days 4.83% --------------------------------------------- 271+ days 0.57% --------------------------------------------- YIELDS Taxable 7-Day Equivalent SEC Yield(1) Yield(2) - -------------------------------------------------------------------------------- Vista Shares 2.32% 4.24% - -------------------------------------------------------------------------------- Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. (1) The yield for Vista Shares reflects the voluntary waiver of certain expenses. Without waivers, the yield would have been 2.07%. This voluntary waiver may be modified or terminated at any time, which would reduce performance. (2) Taxable Equivalent Yields are calculated based on the SEC yield divided by 1 minus the effective tax rate. The effective combined federal, state and local tax rate used for this illustration is 45.22%. * A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. 9 JPMorgan 100% U.S. Treasury Securities Money Market Fund Portfolio of Investments As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- 100.2% - -------------------------------------------------------------------------------- U.S. Treasury Securities -- 100.2% U.S. Treasury Bills, $300,000 4.89%, 04/26/01 $ 297,720 48,040 4.91%, 04/26/01 47,675 219,510 4.92%, 04/19/01 218,010 100,000 4.92%, 05/03/01 99,144 190,210 4.93%, 05/03/01 188,582 222,625 4.95%, 04/05/01 221,550 125,000 4.96%, 05/24/01 123,571 200,000 4.97%, 04/26/01 198,481 35,500 4.98%, 04/05/01 35,329 29,690 4.98%, 04/12/01 29,517 200,000 4.98%, 05/17/01 197,889 100,000 4.99%, 05/10/01 99,039 150,000 5.00%, 04/05/01 149,276 8,935 5.00%, 05/03/01 8,859 300,000 5.00%, 05/10/01 297,117 100,000 5.01%, 04/12/01 99,416 94,085 5.01%, 04/26/01 93,370 129,520 5.01%, 05/03/01 128,411 70,580 5.01%, 05/10/01 69,902 183,335 5.01%, 05/17/01 181,400 100,000 5.02%, 04/12/01 99,416 125,140 5.03%, 04/12/01 124,409 195,145 5.05%, 04/19/01 193,811 225,000 5.11%, 04/12/01 223,686 54,360 5.14%, 04/19/01 53,988 62,370 5.19%, 04/05/01 62,069 175,000 5.27%, 04/19/01 173,804 500,000 5.78%, 03/29/01 497,784 400,000 5.93%, 03/22/01 398,635 U.S. Treasury Notes, 95,000 5.00%, 04/30/01 94,955 251,000 5.50%, 07/31/01 251,067 198,000 5.63%, 05/15/01 197,715 86,510 6.25%, 04/30/01 86,643 27,000 6.50%, 05/31/01 27,008 150,000 7.88%, 08/15/01 151,886 168,000 8.00%, 05/15/01 168,542 - -------------------------------------------------------------------------------- Total Investments -- 100.2% $5,589,676 (Cost $5,589,676)* - -------------------------------------------------------------------------------- See notes to financial statements. 10 - -------------------------------------------------------------------------------- JPMorgan U.S. Government Money Market Fund Portfolio of Investments As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- 101.5% - -------------------------------------------------------------------------------- U.S. Government Agency Securities -- 77.5% Federal Farm Credit Bank -- 1.6% Federal Farm Credit Bank, $ 50,000 FRN, 5.45%, 01/18/02 $ 49,991 90,000 FRN, 5.46%, 03/01/01 90,000 ----------- 139,991 Federal Home Loan Bank -- 21.9% Federal Home Loan Bank, 123,000 5.38%, 03/02/01 122,999 75,000 5.50%, 01/18/02 75,000 100,000 6.35%, 12/20/01 99,987 300,000 6.38%, 12/20/01 299,981 100,000 6.70%, 03/01/01 100,000 75,000 6.75%, 03/01/01 75,000 162,000 DN, 4.95%, 08/03/01 158,621 100,000 DN, 5.38%, 03/02/01 99,985 100,000 DN, 6.44%, 03/09/01 99,866 100,000 FRN, 5.19%, 04/12/01 100,000 150,000 FRN, 5.24%, 05/10/01 149,986 100,000 FRN, 5.40%, 02/15/02 99,972 65,000 FRN, 5.42%, 03/06/01 65,000 200,000 FRN, 5.48%, 07/18/01 199,947 175,000 FRN, 5.52%, 10/19/01 174,924 ----------- 1,921,268 Federal Home Loan Mortgage Corp.-- 2.6% Federal Home Loan Mortgage Corp., 150,000 DN, 5.18%, 08/10/01 146,605 79,248 DN, 5.40%, 04/26/01 78,591 ----------- 225,196 Federal National Mortgage Association -- 35.8% Federal National Mortgage Association, 187,177 DN, 4.85%, 08/16/01 183,037 160,000 DN, 4.86%, 07/30/01 156,806 100,000 DN, 5.01%, 12/14/01 96,160 50,000 DN, 5.33%, 03/20/01 49,860 275,000 DN, 5.40%, 06/01/01 271,289 150,000 DN, 5.47%, 05/01/01 148,633 310,000 FRN, 5.24%, 05/10/01 309,993 500,000 FRN, 5.47%, 10/04/01 499,825 250,000 FRN, 5.48%, 06/07/01 249,944 315,000 FRN, 5.53%, 05/24/01 315,000 250,000 FRN, 6.49%, 03/01/01 250,000 400,000 FRN, 6.54%, 12/03/01 399,882 200,000 MTN, FRN, 5.53%, 11/06/01 199,987 ----------- 3,130,416 Student Loan Marketing Association -- 15.6% Student Loan Marketing Association, 100,000 FRN, 5.21%, 08/16/01 100,000 50,000 FRN, 5.24%, 03/15/01 50,000 225,000 FRN, 5.24%, 04/19/01 225,000 200,000 FRN, 5.35%, 07/24/01 199,960 165,000 FRN, 5.35%, 08/23/01 165,015 200,000 FRN, 5.48%, 03/05/01 199,999 See notes to financial statements. 11 JPMorgan U.S. Government Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Student Loan Marketing Association-- Continued $ 150,000 MTN, FRN, 5.25%, 09/13/01 $ 149,953 175,000 MTN, FRN, 5.28%, 08/09/01 174,963 100,000 MTN, FRN, 5.31%, 08/09/01 99,979 ---------- 1,364,869 ---------------------------------------------------------------- Total U.S. Government Agency Securities 6,781,740 (Cost $6,781,740) ---------------------------------------------------------------- Repurchase Agreements -- 24.0% 500,000 Bear Stearns & Co., Inc., Tri Party, 5.50%, due 03/01/01 (Dated 02/28/01, Proceeds $500,076, Secured by U.S. Government Agency Obligations, $509,036, various rates, due 01/18/04 through 02/01/31, Market Value $512,126) 500,000 500,000 Credit Suisse First Boston Corp., Tri Party, 5.48%, due 03/01/01 (Dated 02/28/01, Proceeds $500,076, Secured by U.S. Government Agency Obligations, $518,180, various rates, due 08/01/01 through 03/01/33, Market Value $516,565) 500,000 150,000 Deutsche Bank Securities, Tri Party, 5.30%, due 03/01/01 (Dated 02/28/01, Proceeds $150,022, Secured by USTR & U.S. Government Agency Obligations, $151,223, various rates, due 03/02/01 through 02/15/16, Market Value $153,000) 150,000 549,067 Deutsche Bank Securities, Tri Party, 5.47%, due 03/01/01 (Dated 02/28/01, Proceeds $549,150, Secured by USTR & U.S. Government Agency Obligations, $553,546, various rates, due 03/02/01 through 02/15/16, Market Value $560,049) 549,067 300,000 Merrill Lynch & Co., Inc., Tri Party, 5.47%, due 03/01/01 (Dated 02/28/01, Proceeds $300,046, Secured by U.S. Government Agency Obligations, $299,578, various rates, due 04/15/02 through 11/15/30, Market Value $306,001) 300,000 100,000 Merrill Lynch & Co., Inc., Tri Party, 5.50%, due 03/01/01 (Dated 02/28/01, Proceeds $100,015, Secured by U.S. Government Agency Obligations, $100,709, various rates, due 01/01/26 through 12/01/30, Market Value $102,003) 100,000 ---------------------------------------------------------------- Total Repurchase Agreements 2,099,067 (Cost $2,099,067) - -------------------------------------------------------------------------------- Total Investments -- 101.5% $8,880,807 (Cost $8,880,807)* - -------------------------------------------------------------------------------- See notes to financial statements. 12 - -------------------------------------------------------------------------------- JPMorgan Treasury Plus Money Market Fund Portfolio of Investments As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- 100.4% - -------------------------------------------------------------------------------- U.S. Treasury Securities -- 44.1% U.S. Treasury Bills, $ 200,000 4.94%, 03/29/01 $ 199,236 100,000 4.95%, 04/05/01 99,522 100,000 4.95%, 04/19/01 99,327 100,000 4.97%, 05/03/01 99,138 200,000 4.98%, 05/17/01 197,895 100,000 4.99%, 04/19/01 99,328 100,000 4.99%, 05/10/01 99,041 100,000 5.08%, 04/12/01 99,413 250,000 5.11%, 04/12/01 248,532 ---------------------------------------------------------------- Total U.S. Treasury Securities 1,241,432 (Cost $1,241,432) ---------------------------------------------------------------- Repurchase Agreements -- 56.3% 250,000 Bear Stearns & Co., Inc., Tri Party, 5.38%, due 03/01/01 (Dated 02/28/01, Proceeds $250,037, Secured by USTR, $208,360, various rates, due 08/15/02 through 02/15/25, Market Value $255,859) 250,000 57,834 Goldman Sachs & Co., Tri Party, 5.10%, due 03/01/01 (Dated 02/28/01, Proceeds $57,842, Secured by USTR, $50,311, various rates, due 05/15/06 through 02/15/29, Market Value $58,991) 57,834 175,000 Goldman Sachs & Co., Tri Party, 5.20%, due 03/01/01 (Dated 02/28/01, Proceeds $175,025, Secured by USTR, $152,235, various rates, due 05/15/06 through 02/15/29, Market Value $178,500) 175,000 200,000 Goldman Sachs & Co., Tri Party, 5.35%, due 03/01/01 (Dated 02/28/01, Proceeds $200,030, Secured by USTR, $173,983, various rates, due 05/15/06 through 02/15/29, Market Value $204,000) 200,000 250,000 Greenwich Capital Markets, Inc., Tri Party, 5.37%, due 03/01/01 (Dated 02/28/01, Proceeds $250,037, Secured by USTR, $211,607, various rates, due 11/15/01 through 08/15/29, Market Value $254,660) 250,000 250,000 Greenwich Capital Markets, Inc., Tri Party, 5.45%, due 03/06/01 (Dated 02/28/01, Proceeds $250,227, Secured by U.S. Government Agency Obligations, $316,639, various rates, due 02/15/07 through 02/15/31, Market Value $255,003) 250,000 400,000 Merrill Lynch & Co., Inc., Tri Party, 5.37%, due 03/01/01 (Dated 02/28/01, Proceeds $400,060, Secured by USTR, $339,469, various rates, due 06/30/01 through 05/15/30, Market Value $406,655) 400,000 ---------------------------------------------------------------- Total Repurchase Agreements 1,582,834 (Cost $1,582,834) - -------------------------------------------------------------------------------- Total Investments-- 100.4% $2,824,266 (Cost $2,824,266)* See notes to financial statements. 13 - -------------------------------------------------------------------------------- JPMorgan Federal Money Market Fund II Portfolio of Investments As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- 100.1% - -------------------------------------------------------------------------------- U.S. Government Agency Securities -- 100.1% Federal Farm Credit Bank -- 8.9% Federal Farm Credit Bank, $ 50,000 DN, 5.07%, 01/09/02 $ 47,898 20,000 DN, 5.39%, 03/05/01 19,988 100,000 FRN, 6.45%, 05/01/01 99,992 ---------- 167,878 Federal Home Loan Bank -- 78.5% Federal Home Loan Bank, 20,000 5.12%, 01/16/02 19,986 50,000 6.38%, 12/20/01 50,000 25,000 6.75%, 03/01/01 25,000 50,000 7.13%, 11/15/01 50,325 9,005 DN, 4.75%, 03/01/01 9,005 35,000 DN, 4.86%, 08/10/01 34,252 40,000 DN, 4.95%, 08/03/01 39,166 90,000 DN, 5.18%, 07/06/01 88,397 23,216 DN, 5.19%, 04/27/01 23,027 300,000 DN, 5.23%, 03/01/01 300,000 50,000 DN, 5.36%, 03/02/01 49,993 100,000 DN, 5.38%, 03/02/01 99,985 50,000 DN, 5.46%, 03/22/01 49,842 75,000 DN, 5.95%, 05/11/01 74,139 75,000 DN, 6.03%, 05/01/01 74,250 50,000 DN, 6.37%, 05/04/01 49,449 25,000 DN, 6.51%, 03/15/01 24,941 25,000 DN, 6.55%, 04/09/01 24,833 25,000 DN, 6.55%, 09/13/01 24,163 25,000 DN, 6.57%, 04/20/01 24,786 25,000 DN, 6.63%, 08/31/01 24,210 50,000 FRN, 5.24%, 05/10/01 49,995 100,000 FRN, 5.45%, 02/21/02 99,981 50,000 FRN, 5.48%, 07/18/01 49,987 50,000 FRN, 5.52%, 10/19/01 49,978 75,000 MTN, FRN, 5.47%, 03/20/01 74,998 ---------- 1,484,688 Student Loan Marketing Association -- 12.7% Student Loan Marketing Association, 50,000 FRN, 5.25%, 11/15/01 50,000 28,200 FRN, 5.28%, 07/19/01 28,198 113,000 FRN, 5.35%, 08/23/01 113,011 50,000 MTN, FRN, 5.25%, 09/13/01 49,984 ---------- 241,193 - -------------------------------------------------------------------------------- Total Investments -- 100.1% $1,893,759 (Cost $1,893,759)* - -------------------------------------------------------------------------------- See notes to financial statements. 14 - -------------------------------------------------------------------------------- JPMorgan Prime Money Market Fund II Portfolio of Investments As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- 100.3% - -------------------------------------------------------------------------------- U.S. Government Agency Securities -- 2.8% $ 25,000 Federal Farm Credit Bank, DN, 4.86%, 08/22/01 $ 24,426 Federal Home Loan Bank, 13,702 DN, 4.95%, 08/03/01 13,416 5,488 DN, 4.96%, 08/10/01 5,368 20,375 DN, 4.96%, 08/15/01 19,917 10,105 DN, 4.97%, 08/17/01 9,875 40,456 DN, 4.97%, 08/24/01 39,497 75,000 DN, 6.51%, 03/15/01 74,822 Federal Home Loan Mortgage Corp., 160,000 DN, 4.86%, 07/27/01 156,869 23,000 DN, 4.86%, 08/16/01 22,482 192,000 DN, 4.95%, 08/16/01 187,671 Federal National Mortgage Association, 100,000 DN, 4.95%, 08/16/01 97,741 98,856 DN, 4.97%, 08/02/01 96,801 76,762 DN, 4.97%, 08/09/01 75,094 ---------------------------------------------------------------- Total U.S. Government Agency Securities 823,979 (Cost $823,979) ---------------------------------------------------------------- State and Municipal Obligations -- 0.5% California -- 0.3% California Housing Finance Agency, Single Family Housing, Home Mortgage, Taxable, 33,530 Ser. M, Rev., FRDO, 5.31%, 03/05/01 33,530 20,205 Ser. M, Rev., FRDO, 5.31%, 03/05/01 20,205 20,000 California Pollution Control Financing Authority, Environmental Improvement, Shell Oil Co. Project, Taxable, Ser. B, Rev., FRDO, 5.46%, 03/07/01 20,000 22,000 Sacramento County, California, Taxable, Rev., FRDO, 5.45%, 03/07/01 22,000 -------- 95,735 Michigan -- 0.0% 3,636 Sault Sainte Marie, Michigan, Tribe Building Authority, Taxable, Rev., FRDO, 7.04%, 06/01/01 3,636 Missouri -- 0.1% 16,200 SSM Healthcare, Missouri Health Facilities, Taxable, Ser. E, Rev., FRDO, 5.50%, 03/06/01 16,200 Texas -- 0.1% 32,500 Texas State, Veterans Housing Assistance, Taxable, Ser. A-2, GO, FRDO, 5.45%, 03/07/01 32,500 ---------------------------------------------------------------- Total State and Municipal Obligations 148,071 (Cost $148,071) ---------------------------------------------------------------- Corporate Notes & Bonds -- 31.7% Asset Backed Securities -- 6.2% 47,000 ACE Overseas Corp., FRN, 6.51%, 03/16/01 46,999 Beta Finance Corp., Inc., (Channel Islands), 75,000 FRN, 5.56%, 08/14/01 74,998 30,000 MTN, #, 6.90%, 03/30/01 30,000 85,000 MTN, #, 6.94%, 05/02/01 85,000 50,000 MTN, FRN, 5.36%, 04/30/01 50,000 125,000 MTN, FRN, #, 5.55%, 05/08/01 125,000 See notes to financial statements. 15 JPMorgan Prime Money Market Fund II - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Asset Backed Securities -- Continued $ 50,000 MTN, FRN, #, 6.11%, 03/30/01 $ 50,000 CC USA, Inc. (Centauri Corp.), 100,000 MTN, #, 7.07%, 07/25/01 100,000 35,000 MTN, #, 7.12%, 05/07/01 35,000 75,000 MTN, #, 7.48%, 06/07/01 75,000 50,000 MTN, FRN, #, 5.56%, 04/20/01 50,000 Ciesco L.P., 120,000 Ser. A, MTN, FRN, 5.54%, 10/15/01 120,000 80,000 Ser. A, MTN, FRN, #, 5.54%, 09/20/01 80,000 70,000 Dorada Finance Inc., MTN, #, 7.06%, 07/17/01 70,000 K2 (USA) LLC, 55,000 MTN, FRN, #, 5.57%, 07/16/01 55,000 100,000 MTN, FRN, #, 5.57%, 08/15/01 100,000 120,000 Liberty Lighthouse U.S. Capital Co., MTN, FRN, #, 5.36%, 03/05/01 120,000 75,000 Links Finance LLC, MTN, FRN, #, 5.55%, 05/11/01 74,998 Restructured Asset Securities with Enhanced Returns (RACERS), 37,000 1999 Ser. MM-35, FRN, #, 5.60%, 12/17/01 37,000 90,000 2000 Ser. MM-7, FRN, #, 5.40%, 05/30/01 89,988 100,000 2000 Ser. MM-10, FRN, #, 5.59%, 06/22/01 100,000 Sigma Finance Corp., (Channel Islands), 100,000 MTN, FRN, #, 5.46%, 05/02/01 100,000 75,000 MTN, FRN, #, 5.56%, 03/05/01 75,000 100,000 MTN, FRN, #, 5.57%, 05/15/01 100,000 ----------- 1,843,983 Automotive -- 0.8% 60,000 American Honda Finance Corp., MTN, FRN, #, 6.55%, 06/19/01 60,000 General Motors Acceptance Corp., 5,000 MTN, FRN, 5.61%, 07/27/01 5,000 30,000 MTN, FRN, 5.81%, 04/30/01 30,006 150,000 Toyota Motor Credit Corp., MTN, FRN, 6.37%, 04/23/01 149,992 ----------- 244,998 Banking -- 10.0% Abbey National Treasury Services PLC (United Kingdom), (Yankee), 210,000 FRN, 5.44%, 10/25/01 209,932 350,000 MTN, FRN, 5.47%, 06/15/01 349,921 American Express Centurion Bank, 100,000 FRN, 5.54%, 02/14/02 100,000 50,000 MTN, FRN, 5.53%, 04/12/01 49,999 200,000 MTN, FRN, 5.54%, 05/08/01 200,000 50,000 MTN, FRN, 5.56%, 11/20/01 50,000 Bank of America, N.A., 23,600 6.60%, 10/30/01 23,775 50,000 FRN, 6.71%, 09/06/01 50,019 70,000 MTN, FRN, 5.66%, 07/11/01 70,002 Bank One, N.A., 50,000 5.13%, 07/17/01 50,000 100,000 FRN, 5.60%, 09/10/01 100,013 39,000 FRN, 5.60%, 12/17/01 39,011 85,000 FRN, 5.62%, 02/15/02 85,040 See notes to financial statements. 16 JPMorgan Prime Money Market Fund II - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Banking -- Continued $ 85,000 MTN, FRN, 5.64%, 12/12/01 $ 84,981 190,000 Bayerische Landesbank Girozentrale, FRN, (Germany), (Yankee), 5.64%, 03/01/01 190,000 Commerzbank AG (Germany), (Yankee), 160,000 FRN, 5.34%, 06/29/01 159,968 200,000 FRN, 5.48%, 04/26/01 199,991 240,000 FRN, 5.50%, 03/19/01 239,994 100,000 Credit Suisse First Boston Inc. (Switzerland), MTN, FRN, 5.54%, 05/09/01 99,998 100,000 Dexia Bank (Belgium), (Yankee), FRN, 5.63%, 03/01/01 100,000 246,000 Dresdner Bank AG, (Germany), (Yankee), FRN, 5.31%, 03/28/01 245,993 85,000 Fleet National Bank, MTN, FRN, 5.77%, 05/24/01 85,019 National City Bank, 70,000 FRN, 5.54%, 12/04/01 70,000 50,000 MTN, FRN, 6.27%, 07/05/01 49,992 50,000 Wachovia Bank, N.A., FRN, 5.55%, 01/07/02 50,000 ---------- 2,953,648 Financial Services -- 10.4% Associates Corp. of North America, 26,000 FRN, 5.48%, 02/22/02 26,045 75,000 FRN, 6.46%, 06/26/01 75,000 110,000 SUB, FRN, 6.58%, 03/15/01 110,000 85,000 Bear Stearns Companies, Inc., FRN, 5.78%, 08/01/01 85,065 5,000 Bollingbrent L.P., Ser. 1999, FRDO, 5.67%, 03/06/01 5,000 Citigroup, Inc., 175,000 MTN, FRN, 5.52%, 04/04/01 175,000 250,000 MTN, FRN, 5.54%, 06/06/01 250,000 Goldman Sachs Group, Inc., 244,000 FRN, #, 5.80%, 03/15/02 244,000 67,000 MTN, FRN, 5.59%, 02/11/02 67,113 5,000 Homeside Lending, Inc., MTN, FRN, 5.68%, 04/24/01 5,001 Household Finance Corp., 50,000 MTN, FRN, 5.36%, 03/30/01 49,995 25,000 MTN, FRN, 5.76%, 07/16/01 25,004 100,000 MTN, FRN, 6.62%, 06/22/01 100,027 37,000 MTN, FRN, 6.65%, 06/21/01 37,011 Merrill Lynch & Co., Inc., 4,885 MTN, FRN, 5.48%, 08/10/01 4,887 350,000 MTN, FRN, 5.52%, 03/06/01 349,999 75,000 MTN, FRN, 5.56%, 11/19/01 75,000 70,000 MTN, FRN, 5.64%, 01/04/02 69,982 70,000 MTN, FRN, 5.65%, 03/11/02 70,065 Morgan Stanley Dean Witter & Co., 260,000 FRN, 5.59%, 03/15/02 260,000 50,000 FRN, 6.73%, 12/17/01 50,124 150,000 MTN, FRN, 5.55%, 03/16/01 150,000 55,000 MTN, FRN, 5.64%, 05/15/01 55,000 50,000 MTN, FRN, 6.62%, 09/14/01 50,061 35,000 MTN, FRN, 6.67%, 03/13/01 35,000 75,000 MTN, FRN, 6.68%, 03/15/01 75,000 Wells Fargo Bank, N.A., 175,000 MTN, FRN, 5.51%, 07/24/01 174,973 330,000 MTN, FRN, 5.55%, 03/15/02 329,999 See notes to financial statements. 17 JPMorgan Prime Money Market Fund II - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Financial Services -- Continued $ 75,000 Westpac Banking Corp., (Australia), (Yankee), FRN, 5.43%, 05/08/01 $ 75,005 ----------- 3,079,356 Insurance -- 0.2% 50,000 Prudential Funding Corp., MTN, FRN, 5.82%, 04/17/01 50,004 Machinery & Engineering Equipment -- 0.3% Caterpillar Financial Services Corp., 10,000 MTN, FRN, 5.83%, 07/09/01 10,003 75,000 MTN, FRN, 5.92%, 07/09/01 75,001 5,000 MTN, FRN, 6.79%, 06/01/01 5,000 ----------- 90,004 Telecommunications -- 3.8% AT&T Corp., 250,000 FRN, #, 5.51%, 03/08/01 249,999 273,000 FRN, #, 5.61%, 07/19/01 273,000 250,000 BellSouth Telecommunications, Inc., FRN, 6.56%, 01/04/02 250,000 356,000 SBC Communications, Inc., FRN, #, 5.34%, 05/15/01 355,986 ----------- 1,128,985 ---------------------------------------------------------------- Total Corporate Notes & Bonds 9,390,978 (Cost $9,390,978) ---------------------------------------------------------------- Commercial Paper -- 41.4% Asset Backed Securities -- 28.3% Alpine Securitization Corp., 100,000 5.52%, 03/22/01 99,679 143,191 5.52%, 03/23/01 142,710 Amstel Funding Corp., 152,000 5.37%, 05/09/01 150,456 95,000 5.56%, 03/07/01 94,912 48,000 6.67%, 03/15/01 47,878 Amsterdam Funding Corp., 25,000 5.43%, 04/04/01 24,873 50,000 5.51%, 03/07/01 49,954 37,300 Asset Portfolio Funding Corp., 6.47%, 03/16/01 37,201 Atlantis One Funding Corp., 50,000 5.30%, 05/04/01 49,534 50,000 5.31%, 05/04/01 49,534 Barton Capital Corp., 115,000 5.50%, 03/07/01 114,895 140,154 5.52%, 03/07/01 140,026 74,366 5.52%, 03/13/01 74,230 50,000 Bavaria Universal Funding Co., Floating Rate, 5.54%, 08/10/01 50,000 50,000 Beta Finance Corp., Inc. (Channel Islands), 6.73%, 03/22/01 49,810 82,500 Bills Securitization LTD, 5.33%, 05/08/01 81,680 Blue Ridge Asset Funding Corp., 83,478 5.48%, 03/23/01 83,199 50,015 5.52%, 03/14/01 49,916 23,000 5.53%, 03/09/01 22,972 Brahms Funding Corp., 40,000 5.45%, 04/25/01 39,670 See notes to financial statements. 18 JPMorgan Prime Money Market Fund II - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Asset Backed Securities -- Continued $ 140,000 5.61%, 03/26/01 $ 139,459 Certain Funding Corp., 45,815 5.46%, 05/01/01 45,397 59,000 6.51%, 03/12/01 58,885 40,000 Christiania Capital Corp., 4.93%, 08/28/01 39,038 Ciesco L.P., 50,000 5.39%, 04/12/01 49,688 50,000 5.39%, 04/18/01 49,643 Compass Securitization LLC, 120,000 5.52%, 03/16/01 119,725 60,000 6.50%, 03/15/01 59,851 60,000 Corporate Receivables Corp., 5.32%, 05/10/01 59,388 147,956 Dakota Certificate Program (Citibank Credit Card Master Trust I), 5.51%, 03/07/01 147,821 Dorada Finance, Inc., 47,000 5.44%, 04/19/01 46,656 30,890 5.47%, 04/24/01 30,640 31,000 5.47%, 04/25/01 30,744 40,500 5.47%, 04/30/01 40,136 Edison Asset Securitization LLC, 150,000 5.50%, 03/06/01 149,886 150,000 5.50%, 03/07/01 149,863 Falcon Asset Securitization Corp., 45,000 5.51%, 03/13/01 44,916 171,000 5.64%, 03/13/01 170,682 57,100 5.65%, 03/09/01 57,029 Forrestal Funding Master Trust, 102,140 5.47%, 04/24/01 101,313 140,000 6.64%, 03/16/01 139,621 Four Winds Funding Corp., 26,480 5.49%, 04/10/01 26,320 73,000 5.54%, 03/19/01 72,799 50,000 #, 5.52%, 03/21/01 49,847 Galaxy Funding Inc., 90,000 5.17%, 08/10/01 87,963 73,000 5.56%, 03/15/01 72,843 50,000 5.56%, 03/16/01 49,885 2,164 Giro Funding U.S. Corp., 5.52%, 03/01/01 2,164 Giro Multi-Funding Corp., 3,365 5.52%, 03/01/01 3,365 121,000 5.53%, 03/20/01 120,648 40,000 Grand Funding Corp., #, 5.51%, 03/12/01 39,933 Greenwich Funding Corp., 100,000 #, 5.52%, 03/06/01 99,919 57,468 #, 6.54%, 03/06/01 57,421 Greyhawk Funding LLC, 53,000 5.51%, 04/24/01 52,568 90,000 5.52%, 03/14/01 89,821 220,000 #, 5.47%, 05/04/01 217,891 136,300 #, 6.40%, 06/08/01 133,976 Jupiter Securitization Corp., 98,710 5.52%, 03/07/01 98,620 211,167 5.52%, 03/12/01 210,812 See notes to financial statements. 19 JPMorgan Prime Money Market Fund II - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Asset Backed Securities -- Continued $ 47,435 5.53%, 03/08/01 $ 47,384 41,880 6.40%, 06/12/01 41,137 K2 (USA) LLC, 28,000 5.15%, 08/07/01 27,379 52,000 5.17%, 08/09/01 50,828 14,000 5.47%, 04/25/01 13,884 50,000 6.94%, 04/17/01 49,569 19,880 Liberty Street Funding Corp., 5.55%, 04/20/01 19,729 20,000 Links Finance LLC, #, 5.16%, 08/01/01 19,572 100,000 Montauk Funding Corp., 5.51%, 03/09/01 99,878 36,000 Monte Rosa Capital Corp., 5.51%, 03/19/01 35,901 Moriarty LLC, 65,000 5.16%, 08/09/01 63,538 65,000 5.21%, 08/13/01 63,487 250,000 5.33%, 05/08/01 247,515 26,400 5.36%, 07/16/01 25,876 89,000 5.56%, 04/09/01 88,472 80,000 5.92%, 07/05/01 78,390 57,900 Ness Limited., 5.52%, 03/16/01 57,768 New Castle Certificate Program (Discover Card Master Trust I, Ser. 2000-A), 40,000 5.55%, 03/22/01 39,871 175,000 ECN, 6.66%, 03/06/01 174,840 65,556 Old Line Funding Corp., 5.52%, 03/14/01 65,426 Pennine Funding LLC, 40,000 5.15%, 08/01/01 39,147 45,000 5.49%, 04/19/01 44,668 50,000 Pooled Accounts Receivable Capital Corp., 5.52%,03/16/01 49,885 65,640 Preferred Rec Funding (PREFCO), 5.62%, 03/13/01 65,518 Receivables Capital Corp., 90,462 5.51%, 03/09/01 90,352 60,000 5.52%, 03/12/01 59,899 71,340 Repeat Offering Securitization Entity (ROSE), 5.53%, 04/23/01 70,768 Sheffield Receivables Corp., 53,500 5.52%, 03/12/01 53,405 175,000 5.52%, 03/15/01 174,625 150,000 5.53%, 03/19/01 149,588 150,000 5.62%, 03/20/01 149,559 26,800 6.50%, 03/12/01 26,753 Sigma Finance Corp., (Channel Islands), 150,000 #, 5.14%, 08/02/01 146,778 83,500 #, 5.16%, 08/02/01 81,707 66,400 #, 5.47%, 04/23/01 65,872 45,000 #, 6.37%, 06/11/01 44,213 Silver Tower U.S. Funding LLC, 135,000 4.98%, 08/29/01 131,701 95,000 5.25%, 08/17/01 92,721 Special Purpose Accounts Receivable Cooperative, 117,000 5.47%, 04/26/01 116,017 18,320 5.54%, 04/12/01 18,203 30,000 Surrey Funding Corp., 5.49%, 03/26/01 29,886 See notes to financial statements. 20 JPMorgan Prime Money Market Fund II - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Asset Backed Securities -- Continued Thames Asset Global Securitization (TAGS), $ 32,000 5.61%, 04/17/01 $ 31,769 86,394 6.51%, 03/15/01 86,179 Tulip Funding Corp., 150,000 5.49%, 05/01/01 148,625 46,687 #, 5.07%, 08/28/01 45,534 100,000 Variable Funding Capital Corp., 5.47%, 04/27/01 99,145 50,000 Victory Receivables, 5.57%, 04/11/01 49,687 50,000 WCP Funding, Inc., 5.33%, 05/14/01 49,460 Windmill Funding Corp., 110,800 5.51%, 03/07/01 110,699 40,000 5.52%, 03/07/01 39,963 75,000 5.52%, 03/20/01 74,782 ---------- 8,417,857 Banking -- 5.8% 170,000 Abbey National North America Corp., 5.20%, 08/20/01 165,882 25,000 Banco B.I. Creditanstalt SA (United Kingdom), 6.73%, 03/09/01 24,964 20,000 Banco Rio De La Plata SA (Argentina), 6.78%, 03/08/01 19,975 50,000 Banco Santander Central Hispano SA (Spain), (Yankee), 5.17%, 08/06/01 48,894 Bank of America, N.A., 75,000 6.52%, 05/10/01 74,075 250,000 6.69%, 03/12/01 249,505 100,000 Banque ET Caisse D'Epargne De L'Etat (Luxembourg), 4.93%, 08/30/01 97,568 50,000 Banque Generale du Luxembourg SA (Luxembourg), 5.50%, 07/16/01 48,982 200,000 Commerzbank US Finance, Inc., 5.53%, 03/13/01 Credit Suisse First Boston International, (Switzerland), 199,633 36,000 6.63%, 04/16/01 35,703 20,000 6.66%, 05/07/01 19,760 Credit Suisse First Boston, Inc., 70,000 5.24%, 07/20/01 68,594 100,000 6.71%, 03/12/01 99,802 75,000 6.71%, 03/14/01 74,824 70,000 Dexia Delaware LLC, 5.16%, 08/10/01 68,416 Halifax PLC (United Kingdom), 75,000 5.45%, 07/16/01 73,487 30,000 5.60%, 04/10/01 29,816 150,000 6.61%, 05/02/01 148,347 40,000 Lloyds TSB Bank PLC (United Kingdom), 5.14%, 08/01/01 39,148 65,000 Svenska Handelsbanken, Inc. (Sweden), 5.20%, 08/15/01 63,471 60,000 Unibanco-Grand Cayman, Series A, (Germany), 5.55%, 07/11/01 58,812 ---------- 1,709,658 Chemicals -- 0.3% 75,000 BASF AG (Germany), 6.68%, 03/29/01 74,623 See notes to financial statements. 21 JPMorgan Prime Money Market Fund II - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Consumer Products -- 0.2% $ 50,000 Procter & Gamble Co., ECN, 5.60%, 04/05/01 $ 49,731 Diversified -- 0.4% 50,000 General Electric Capital Corp., 6.66%, 03/07/01 49,946 80,000 General Electric Capital Services, Inc., 5.11%, 07/11/01 78,534 ----------- 128,480 Financial Services -- 5.7% 109,000 Associates Corp. of North America, ECN, 6.50%, 03/02/01 108,981 Citicorp, 300,000 5.51%, 03/02/01 299,955 200,000 5.52%, 03/05/01 199,878 75,000 CXC, Inc., 5.59%, 04/04/01 74,609 Fairway Finance Corp., 6,392 5.48%, 04/16/01 6,348 40,000 6.48%, 03/15/01 39,901 200,000 Goldman Sachs Group, Inc., 5.76%, 04/12/01 198,677 60,000 Govco, Inc., 5.32%, 05/16/01 59,335 HomeSide Lending, Inc., 25,000 5.50%, 03/21/01 24,924 12,775 5.50%, 03/22/01 12,734 14,716 5.50%, 03/23/01 14,667 69,647 Kitty Hawk Funding Corp., 5.18%, 08/15/01 68,015 75,000 Morgan Stanley Dean Witter & Co., Floating Rate, 5.64%, 05/30/01 75,000 Nationwide Building Society (United Kingdom), 100,000 5.18%, 08/13/01 97,685 65,000 5.73%, 04/03/01 64,663 68,000 Newport Funding Corp., 5.58%, 04/11/01 67,574 Quincy Capital Corp., 34,212 5.51%, 03/09/01 34,170 100,032 5.51%, 03/12/01 99,864 Triple-A One Funding Corp., 82,107 5.51%, 03/08/01 82,019 24,963 5.61%, 04/05/01 24,829 45,000 Wells Fargo & Co., 5.38%, 05/04/01 44,575 ----------- 1,698,403 Foreign Government Securities -- 0.1% 35,000 Canada (Government of), 6.52%, 06/07/01 34,400 Retailing -- 0.1% 25,000 Wal-Mart Funding Corp, 5.53%, 03/22/01 24,920 Utilities -- 0.5% 150,000 Comision Federal De Electricdad (Mexico), 6.48%, 03/20/01 149,495 ---------------------------------------------------------------- Total Commercial Paper 12,287,567 (Cost $12,287,567) ---------------------------------------------------------------- See notes to financial statements. 22 JPMorgan Prime Money Market Fund II - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Residential Mortgage Backed Securities -- 1.0% Collateralized Mortgage Obligations -- 1.0% Merrill Lynch Mortgage Investors, Inc., $ 231,069 Ser. 2000-WM2, Class A1, FRN, 5.41%, 11/27/01 $ 231,069 57,583 Ser. 2000-WM2, Class A2, 6.68%, 11/27/01 57,583 ---------------------------------------------------------------- Total Residential Mortgage Backed Securities 288,652 (Cost $288,652) ---------------------------------------------------------------- Funding Agreements/GIC -- 3.0% 50,000 AIG Funding Inc., Floating Rate, 6.63%, 10/01/01 50,000 25,000 First Allmerica Financial Life Insurance Co., Floating Rate, 5.72%, 04/06/01 25,000 150,000 G E Financial Assurance, Floating Rate, 6.81%, 03/01/01 150,000 Jackson National Life Insurance Co., Floating Rate, 100,000 5.83%, 01/18/02 100,000 80,000 5.86%, 09/01/03 80,000 100,000 MetLife Funding Inc., Floating Rate, #, 6.81%, 06/01/01 100,000 275,000 Security Life of Denver Insurance Co., Floating Rate, 5.43%, 02/27/02 275,000 50,000 Travelers Insurance Co., Floating Rate, 5.71%, 04/24/01 50,000 50,000 United of Omaha Life Insurance Company, Floating Rate, 5.72%, 05/17/02 50,000 ---------------------------------------------------------------- Total Funding Agreements/GIC 880,000 (Cost $880,000) ---------------------------------------------------------------- Certificates of Deposit -- 6.6% 100,000 Banca Commerciale Italiana (Italy), (Yankee), 5.75%, 04/09/01 100,000 50,000 Banco Santander Central Hispano SA (Spain), (Yankee), 6.50%, 06/06/01 50,000 75,000 Bank Austria AG, Floating Rate, (Austria), (Yankee), 5.63%, 07/16/01 74,994 Barclays Bank PLC (United Kingdom), (Yankee), 120,000 5.53%, 04/10/01 119,973 260,000 Floating Rate, 5.57%, 12/12/01 259,941 210,000 Floating Rate, 5.59%, 09/24/01 209,937 100,000 Bayerische Hypo-und Vereinsbank AG (Germany), (Yankee), 5.58%, 04/27/01 100,000 150,000 Bayerische Landesbank Girozentrale (Germany), (Yankee), 5.22%, 02/20/02 149,958 141,000 Credit Agricole Indosuez SA (France), (Yankee), 5.23%, 02/20/02 140,974 150,000 Deutsche Bank AG, (Germany), (Yankee), 6.73%, 03/16/01 149,996 Landesbank Hessen-Thuringen Girozentrale, (Germany), (Yankee), 75,000 6.54%, 04/06/01 75,000 110,000 6.89%, 04/30/01 109,997 50,000 Svenska Handelsbanken, Inc. (Sweden), (Yankee), 5.12%, 08/02/01 49,996 100,000 UBS AG (Switzerland), (Yankee), 5.10%, 08/02/01 99,983 See notes to financial statements. 23 JPMorgan Prime Money Market Fund II - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Certificates of Deposit -- Continued $ 100,000 Westdeutsche Landesbank Girozentrale (Germany), (Yankee), 6.66%, 11/16/01 $ 100,005 160,000 World Savings Bank, 5.32%, 05/31/01 160,000 ---------------------------------------------------------------- Total Certificates of Deposit 1,950,754 (Cost $1,950,754) ---------------------------------------------------------------- Time Deposits -- 13.1% 300,000 ABN AMRO Bank N.V. (Netherlands), 5.54%, 03/01/01 300,000 50,000 Allied Irish Banks PLC (United Kingdom), 6.66%, 03/30/01 50,000 120,000 Bank of Ireland (Ireland), 5.38%, 07/02/01 120,000 100,000 Bank of Nova Scotia (Canada), 5.50%, 07/16/01 100,000 134,000 Bayerische Hypo-und Vereinsbank AG (Germany), (Yankee), 5.66%, 03/01/01 134,000 Caisse des Depots et Consignations, (France), 750,000 5.53%, 03/01/01 750,000 300,000 5.54%, 03/01/01 300,000 Caja De Madrid Bank (Spain), 59,000 5.38%, 07/10/01 59,000 60,000 6.64%, 04/27/01 60,000 37,000 6.65%, 04/24/01 37,000 110,000 6.65%, 07/24/01 110,000 75,000 6.67%, 11/19/01 75,000 200,000 Credit Suisse First Boston (Swiss Bank), (Switzerland), 5.56%, 03/01/01 200,000 275,000 ING Bank N.V. (Netherlands), 5.63%, 03/01/01 275,000 100,000 Landesbank Baden-Wuerttemberg (Germany), 5.56%, 03/01/01 100,000 100,000 Landesbank Schleswig Holstein (Germany), 6.69%, 04/17/01 100,000 Societe Generale (France), 250,000 5.53%, 03/01/01 250,000 417,044 5.63%, 03/01/01 417,044 175,000 Svenska Handelsbanken, Inc. (Sweden), 5.53%, 03/01/01 175,000 223,500 Swedbank (Sweden), 5.59%, 03/01/01 223,500 48,000 Wells Fargo Bank, N.A., 5.55%, 04/30/01 48,000 ---------------------------------------------------------------- Total Time Deposits 3,883,544 (Cost $3,883,544) ---------------------------------------------------------------- Repurchase Agreement -- 0.2% 51,206 Deutsche Bank Securities, Tri Party, 5.47%, due 03/01/01 (Dated 02/28/01, Proceeds $51,214, Secured by FNMA, $51,808, 5.75%, due 02/15/08, Market Value $52,230) 51,206 (Cost $51,206) ---------------------------------------------------------------- Total Investments -- 100.3% $29,704,751 (Cost $29,704,751)* ---------------------------------------------------------------- See notes to financial statements. 24 - -------------------------------------------------------------------------------- JPMorgan Tax Free Money Market Fund Portfolio of Investments As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- 100% - -------------------------------------------------------------------------------- U.S. Government Agency Security -- 0.1% $ 1,100 Federal Home Loan Mortgage Corp., DN, 5.23%, 03/01/01 $ 1,100 (Cost $1,100) Municipal Securities -- 99.9% Alabama -- 0.6% 5,000 Birmingham, Alabama, Apartment Authority, Municipal Securities Trust Receipts, Ser. SGA-47, Rev., FRDO, 3.24%, 03/02/01 5,000 3,000 Infirmary Health Systems, Special Care Facilities Financing Authority, Mobile, Alabama, Infirmary Health Systems Inc., Ser. A, Rev., FRDO, 3.50%, 03/06/01 3,000 1,500 Stevenson, Alabama, Industrial Development Board, Environmental Improvement, The Mead Corp. Project, Rev., FRDO, 3.15%, 03/01/01 1,500 1,900 University of Alabama, Hospital, Ser. B, Rev., FRDO, 3.15%, 03/07/01 1,900 --------- 11,400 Alaska -- 1.6% 7,875 Alaska State, Housing Finance Corp., Floating Rate Trusts Receipts, Ser. N-13, Regulation D, Rev., FRDO, 3.35%, 03/02/01 7,875 7,835 Alaska State, Housing Finance Corp., FLOATS, Ser. L20, Regulation D, FRDO, 3.35%, 03/02/01 7,849 6,845 Alaska State, Housing Finance Corp., FLOATS, Ser. PT-202, Rev., FRDO, 3.54%, 03/01/01 6,845 5,000 Valdez, Alaska, Marine Terminal, Ser. A-28, Regulation D, FRDO, 3.35%, 03/07/01 5,000 --------- 27,569 Arizona -- 0.6% 3,200 Salt River, Arizona, Agricultural Improvement & Power District, Electric Systems, Salt River Project, Ser. B, Rev., 4.65%, 01/01/02 3,227 1,300 Tempe, Arizona, Excise Tax, Rev., FRDO, 3.15%, 03/01/01 1,300 5,300 University of Arizona, Main Campus & Research, Ser. A, Rev., COP, FRDO, 3.15%, 03/02/01 5,300 --------- 9,827 Arkansas -- 0.8% 8,000 Arkansas Hospital Equipment Finance Authority, AHA Pooled Financing Program, Rev., FRDO, 3.20%, 03/07/01 8,000 5,500 Columbia County, Arkansas, Solid Waste Disposal, Albemarle Corp. Project, Rev., FRDO, 3.70%, 03/01/01 5,500 --------- 13,500 Colorado -- 1.4% 1,000 Arapahoe County, Colorado, Capital Improvement Trust, Federal Highway, FLOATS, Ser. PT-437, Rev., Prerefunded to 08/31/05, FRDO, 3.54%, 03/01/01 1,001 2,850 Arvada, Colorado, Rev., FRDO, 3.80%, 03/22/01 2,850 See notes to financial statements. 25 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Colorado -- Continued $ 4,800 Colorado Health Facilities Authority, Catholic Health, Ser. B, Rev., FRDO, 3.25%, 03/01/01 $ 4,800 6,000 Colorado Springs, Colorado, Utilities, Municipal Securities Trust Receipts, Ser. SGA-88, Rev., FRDO, 3.20%, 03/01/01 6,000 2,500 Colorado Student Obligation Bond Authority, Student Loan, Senior Lien, Ser. A-3, Rev., FRDO, 3.25%, 03/07/01 2,500 3,400 Denver, Colorado, City & County Airport, Floating Rate Certificates, Ser.L-27, Regulation D, Rev., FRDO, 3.40%, 03/07/01 3,400 1,000 Denver, Colorado, City & County, GO, ^, 6.38%, 08/01/01 1,023 3,000 Jefferson County, Colorado, School District No. R-001, TAN, GO, 5.00%, 06/27/01 3,006 ------- 24,580 Connecticut -- 0.9% 15,100 Meriden, Connecticut, GO, BAN, 4.75%, 08/08/01 15,118 District of Columbia -- 3.4% 2,050 District of Columbia, Housing Finance Agency, Ser. L-1, Regulation D, Rev., FRDO, 3.40%, 03/01/01 2,050 2,535 District of Columbia, National Children's Center Inc., FRDO, 3.55%, 03/01/01 2,535 6,155 Eagle Tax Exempt Trust, Weekly Option Mode, Water & Sewer Rev., District of Columbia, Ser. 98-5202, FRDO, #, 3.57%, 03/01/01 6,155 14,500 Eagle Tax Exempt Trust, Weekly Option Mode, Water & Sewer, Ser. 3, Class 7, Rev., FRDO, #, 3.57%, 03/01/01 14,500 10,000 Metropolitan Washington Airport, Rev., 3.38%, 04/04/01 10,000 10,000 Metropolitan Washington Airport, Rev., 3.45%, 03/08/01 10,000 6,500 Metropolitan Washington Airport, Rev., 3.45%, 07/25/01 6,500 9,000 Metropolitan Washington Airport, Rev., 3.50%, 04/04/01 9,000 ------- 60,740 Florida -- 4.7% 400 Alachua County, Florida, Health Facilities Authority, Shands Teaching Hospital, Ser. B, Rev., FRDO, 3.25%, 03/07/01 400 6,700 Broward County, Florida, Port Facilities, Everglades, SUB, Rev., FRDO, 3.50%, 03/07/01 6,700 1,150 Collier County, Florida, Health Facilities Authority, The Moorings Inc. Project, Rev., FRDO, 3.10%, 03/07/01 1,150 2,695 Dade County, Florida, Housing Finance Authority, Multi-Family Housing, Kendall Ct. Apartments, Rev., FRDO, 3.55%, 03/01/01 2,695 1,995 Dade County, Florida, Housing Finance Authority, Multi-Family Housing, Star Creek Apartments, Rev., FRDO, 3.55%, 03/01/01 1,995 See notes to financial statements. 26 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Florida -- Continued $ 1,675 Dade County, Florida, Housing Finance Authority, Single Family Housing, FLOATS, Ser. PT-344, Rev., FRDO, 3.59%, 03/01/01 $ 1,681 5,700 Escambia County, Florida, Housing Finance Authority, Single Family Housing, FLOATS, Ser. PT-1228, Rev., FRDO, 3.59%, 03/01/01 5,700 6,500 Florida Finance Commission, 3.40%, 08/24/01 6,500 7,750 Florida Housing Finance Agency, Ashley Lake II, Ser. J, Rev., FRDO, 3.25%, 03/07/01 7,750 5,275 Florida Housing Finance Agency, Multi-Family Housing, Banyon, Ser. L, Rev., FRDO, 3.25%, 03/06/01 5,275 1,500 Florida State, Board of Public Education, Municipal Securities Trust Receipts, Ser. SGA-102, GO, FRDO, 3.20%, 03/01/01 1,500 12,500 Florida, Local Government Finance Commission, 3.40%, 06/07/01 12,500 5,330 Gulf Breeze, Florida, Local Government Loan Program, Ser. B, Rev., FRDO, 3.45%, 03/01/01 5,330 100 Jacksonville, Florida, Capital Project, Ser. 1, Rev., FRDO, 3.20%, 03/05/01 100 3,705 Jacksonville, Florida, Electric Authority, Municipal Securities Trust Receipts, Ser. SGA-17, Rev., FRDO, 3.24%, 03/07/01 3,705 1,000 Jacksonville, Florida, Health Facilities Authority, River Garden Project, Rev., FRDO, 3.50%, 03/01/01 1,000 9,990 Municipal Securities Trust Certificates, Ser. 2000-9007, Class A, Rev., FRDO, 3.34%, 03/07/01 9,990 4,800 Tampa, Florida, Sports Authority, Municipal Securities Trust Receipts, Ser. SGA-61, Rev., FRDO, 3.20%, 03/01/01 4,801 4,500 The University of North Florida Foundation Inc., Parking System, Rev., FRDO, 3.60%, 03/02/01 4,500 ------- 83,272 Georgia -- 2.4% 10,580 Atlanta, Georgia, Water & Wastewater, Municipal Securities Trust Receipts, Ser. SGA-86, Rev., FRDO, 3.27%, 03/05/01 10,580 960 Bibb County, Georgia, Class A Certificates, Ser. C, FRDO, 3.64%, 03/01/01 960 1,660 Clayton County, Georgia, Housing Authority, Multi-Family Housing, Chateau Forest Apartments, Ser. E, Rev., FRDO, 3.20%, 03/07/01 1,660 1,000 Fulton County, Georgia, Development Authority, Arthritis Foundation Inc. Project, Rev., FRDO, 3.50%, 03/01/01 1,000 2,020 Fulton County, Georgia, Development Authority, Morehouse College Project, Rev., FRDO, 3.15%, 03/06/01 2,020 3,661 Georgia Municipal Association Pooled Bond, COP, FRDO, 3.50%, 03/07/01 3,661 3,900 Municipal Electric Authority of Georgia, General Resolution Projects, Sub. Ser. B, Rev., FRDO, 3.10%, 03/06/01 3,900 See notes to financial statements. 27 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Georgia -- Continued $ 1,000 Municipal Electric Authority of Georgia, Project One, Ser. B, Rev., FRDO, 3.05%, 03/02/01 $ 1,000 15,000 Northeast, Georgia, Heath Systems Inc., Ser. A, 4.00%, 02/01/02 15,000 3,000 Richmond County, Georgia, Board of Education, GO, 4.50%, 09/01/01 3,017 -------- 42,798 Hawaii -- 1.5% 19,790 Hawaii State, Highway, FLOATS, Ser. PT-1058, FRDO, 3.54%, 03/01/01 19,790 1,580 Hawaii State, Housing Finance & Development Corp., Single Family Mortgage, FLOATS, Ser. PA-73A, Rev., FRDO, 3.64%, 03/02/01 1,588 5,605 Honolulu, Hawaii, City & County, Ser. A, GO, ^, 6.30%, 03/01/02 5,880 -------- 27,258 Idaho -- 0.2% 3,750 Idaho, Housing and Finance Association, Single Family Housing, Ser F-1, Class 1, Rev., FRDO, 3.30%, 03/05/01 3,750 Illinois -- 5.3% 4,400 Chicago, Illinois, Equipment Notes, GO, FRDO, 4.37%, 10/04/01 4,400 6,700 Chicago, Illinois, O'Hare International Airport, Second Lien, Ser. B, Rev., FRDO, 3.35%, 03/07/01 6,700 5,600 Chicago, Illinois, Water, Municipal Securities Trust Receipts, Ser. SGA-93, Rev., FRDO, 3.20%, 03/01/01 5,600 3,885 Cook County, Illinois, Municipal Trust Receipts, Ser. SG-7, FRDO, 3.54%, 03/07/01 3,885 3,600 Illinois Development Finance Authority, American Youth Hostels Project, Rev., FRDO, 3.55%, 03/05/01 3,600 3,205 Illinois Development Finance Authority, IDR, CFC International Inc. Project, Rev., FRDO, 3.60%, 03/05/01 3,205 1,300 Illinois Development Finance Authority, Residential Rental, Rev., FRDO, 3.50%, 03/01/01 1,300 1,820 Illinois Development Finance Authority, Toughy LTD Partnership Project, Rev., FRDO, 3.28%, 03/05/01 1,820 4,800 Illinois Health Facilities Authority, Carle Foundation, Rev., FRDO, 3.20%, 03/07/01 4,800 12,000 Illinois Health Facilities Authority, Ser. 1998-B, Rev., 3.40%, 06/13/01 12,000 15,865 Illinois Health Facilities Authority, Swedish Covenant Hospital Project, Rev., FRDO, 3.25%, 03/06/01 15,865 4,595 Illinois Housing Development Authority, FLOATS, Ser. L19, Regulation D, Rev., FRDO, 3.35%, 03/01/01 4,595 3,600 Illinois Housing Development Authority, Multi-Family Housing, Camelot, Rev., FRDO, 3.35%, 03/05/01 3,600 2,985 Illinois Housing Development Authority, Multi-Family Housing, Lakeshore Plaza, Ser. A, Rev., FRDO, 3.20%, 03/06/01 2,985 7,300 Illinois State, Toll Highway Authority, Toll Highway Priority, Ser. B, Rev., FRDO, 3.05%, 03/07/01 7,300 See notes to financial statements. 28 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Illinois -- Continued $ 2,570 Lake County, Illinois, IDR, A.L. Hansen Manufacturing Project, Rev., FRDO, 3.45%, 03/01/01 $ 2,570 2,325 Libertyville, Illinois, Industrial Revenue, Libertyville Manor Project, Rev., FRDO, 3.75%, 03/07/01 2,325 9,800 University of Illinois, Health Services Facilities System, Ser. B, Rev., FRDO, 3.15%, 03/05/01 9,800 ------- 96,350 Indiana -- 2.7% 5,000 DeKalb County, Indiana, Economic Development, New Process Steel Project, Rev., FRDO, 3.70%, 03/02/01 5,000 5,990 Indiana Bond Bank, FLOATS, Ser. PA-688, Rev., FRDO, 3.54%, 03/01/01 5,990 1,100 Indiana Secondary Market Educational Loans Inc., Ser. B, Rev., FRDO, 3.25%, 03/06/01 1,100 9,000 Indiana State, Development Finance Authority, PCR, Southern Indiana Gas & Electric, Ser. A, Rev., FRDO, 4.30%, 03/01/01 9,000 6,665 Indiana State, Office Building Commission Capital Complex, FLOATS, Ser. PT-381, Rev., FRDO, 3.54%, 03/01/01 6,665 15,000 Indiana, Highway Transportation Finance Authority, Municipal Securities Trust Receipts, Ser. SGA-113, Rev., FRDO, 3.20%, 03/01/01 15,000 1,095 Lafayette, Indiana, Economic Development, Health Quest Realty Project, Rev., FRDO, 3.58%, 03/05/01 1,095 540 Muncie, Indiana, Economic Development, Health Quest Realty Project, Rev., FRDO, 3.58%, 03/05/01 540 3,305 Municipal Securities Trust Certificates, Ser. 1997-19A, Class A, Rev., FRDO, #, ^, 3.24%, 03/02/01 3,305 ------- 47,695 Iowa -- 1.2% 1,500 Des Moines, Iowa, 3.50%, 08/08/01 1,500 4,300 Des Moines, Iowa, 3.55%, 08/08/01 4,300 15,000 Iowa School Corporations, Iowa School Cash Anticipation Program, Ser. A, Warrant Certificates, Rev., 5.50%, 06/22/01 15,045 ------- 20,845 Kansas -- 1.3% 2,000 Eagle Tax-Exempt Trust, Weekly Option Mode, Ser. 2000-1601, FRDO, 3.57%, 03/07/01 2,000 7,500 Kansas City, Kansas, Industrial, PQ Corp. Project, Rev., FRDO, 3.15%, 03/01/01 7,500 8,720 Kansas State, Development Finance Authority, FLOATS, Ser. PA-715, Rev., FRDO, 3.54%, 03/07/01 8,720 2,050 Spring Hill, Kansas, Industrial Revenue, Abrasive Engineering Project, Rev., FRDO, 3.60%, 03/06/01 2,050 1,650 Wichita, Kansas, Airport Facilities, Cessna Citation Center Project, Ser. III, Rev., FRDO, 3.35%, 03/06/01 1,650 1,800 Wichita, Kansas, Hospital, Facilities Improvement, Riverside, Ser. IV, Rev., FRDO, 3.60%, 03/02/01 1,800 ------- 23,720 See notes to financial statements. 29 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Kentucky -- 1.3% $ 3,000 Jeffersontown, Kentucky, Lease Program, Kentucky League of Cities Funding Trust, Rev., FRDO, 3.25%, 03/01/01 $ 3,000 14,310 Kentucky Area Development Districts, Financing Trust Lease Program, Ewing, Kentucky, Rev., FRDO, 3.60%, 03/01/01 14,310 2,000 Kentucky Asset Liability Commission, General Fund, Ser. A, Rev., TRAN, 5.25%, 06/27/01 2,004 1,085 Kentucky State, Property & Buildings Commission, Project No. 66, Ser. A, Rev, 5.00%, 05/01/01 1,088 2,540 Kentucky, Development Finance Authority, Pooled Loan Project, Ser. A, Rev., FRDO, 3.40%, 03/01/01 2,540 -------- 22,942 Louisiana -- 1.2% 6,550 Caddo Parish, Louisiana, Industrial Development Board Inc., Frymaster Corp. Project, Rev., FRDO, 3.25%, 03/06/01 6,550 3,200 Calcasieu Parish, Louisiana, Industrial Development Board Inc., Citgo Petrol, Rev., FRDO, 3.35%, 03/01/01 3,200 2,685 Iberia Parish, Louisiana, Industrial Development Board Inc., Cuming Insulation Corp. Project, Rev., FRDO, 3.60%, 03/01/01 2,685 3,000 Lake Charles, Louisiana, Harbor & Term, District Dock & Wharf, Conoco Inc. Project, Rev., FRDO, 3.30%, 03/06/01 3,000 1,855 Louisiana Housing Finance Agency, Ser. A-52, Rev., FRDO, 3.35%, 03/01/01 1,855 4,000 Plaquemines, Louisiana, Port Harbor & Terminal District, Port Facilities, International Marine Terminal Project, Ser. B, Rev., FRDO, 4.20%, 03/15/01 4,000 -------- 21,290 Maine -- 0.2% 3,310 Maine State, Turnpike Authority, FLOATS, Ser. PA-699, Rev., FRDO, 3.54%, 03/01/01 3,312 Maryland -- 2.0% 3,000 Anne Arundel County, Maryland, GO, 3.35%, 03/02/01 3,000 8,605 Howard County, Maryland, Multi-Family Housing, Sherwood Crossing LTD, Rev., FRDO, 4.85%, 06/01/01 8,605 500 Maryland Community Development Administration, Multi-Family Housing, Avalon Ridge Apartments Project, Rev., FRDO, 3.10%, 03/05/01 500 14,155 Maryland State, Stadium Authority, Sports Facilities Lease, Rev., FRDO, 3.25%, 03/07/01 14,155 9,970 Municipal Securities Trust Certificates, Ser. 1999-76, Class A, Rev., FRDO, 4.40%, 08/15/01 9,970 -------- 36,230 Massachusetts -- 0.8% 5,750 Massachusetts Bay, Transportation Authority, Municipal Securities Trust Receipts, Ser. SGA-123, Special Assessment, FRDO, 3.24%, 03/01/01 5,750 See notes to financial statements. 30 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Massachusetts -- Continued $ 3,300 Massachusetts State, Health & Educational Facilities Authority, Municipal Securities Trust Receipts, Ser. SGA-97, Rev., FRDO, 3.20%, 03/01/01 $ 3,301 3,000 Massachusetts State, Ser. A, GO, BAN, 5.00%, 09/06/01 3,010 2,100 Massachusetts State, Ser. A, GO, FRDO, 3.25%, 03/01/01 2,100 -------- 14,161 Michigan -- 2.9% 10,300 Detroit, Michigan, Sewer Disposal, Rev., ^, 6.63%, 07/01/01 10,587 6,100 Holt, Michigan, Public Schools, Ser. B, GO, FRDO, 4.30%, 03/01/01 6,100 1,500 Michigan Municipal Bond Authority, Ser. C-2, Rev., 5.00%, 08/23/01 1,505 19,580 Michigan State, Building Authority, Rev., 4.40%, 03/05/01 19,580 1,200 Michigan State, Hospital Finance Authority, Mt. Clemens Hospital, Rev., FRDO, 3.15%, 03/05/01 1,200 6,000 Michigan State, Housing Development Authority, Ser. 1999-B2, Rev., FRDO, 3.30%, 03/02/01 6,000 1,145 Michigan State, Housing Development Authority, Ser. 2000-A, Rev., FRDO, 3.20%, 03/02/01 1,145 1,175 Michigan State, Strategic Fund LTD, Wayne Disposal, Oakland Project, Rev., FRDO, 3.36%, 03/07/01 1,175 5,055 Michigan State, University, Ser. A, GO, Rev., FRDO, 3.10%, 03/05/01 5,055 -------- 52,347 Minnesota -- 0.1% 1,255 Minnesota State, Housing Finance Agency, Single Family Mortgage, Ser. E, Rev., FRDO, 4.35%, 05/01/01 1,255 Mississippi -- 0.6% 2,800 Mississippi Business Finance Corp., IDR, Choctaw Maid Farms, Inc. Project, Rev., FRDO, 3.60%, 03/05/01 2,800 4,820 Mississippi Home Corp., Single Family, Class A Certificates, Ser. I, Rev., FRDO, 3.62%, 03/06/01 4,820 3,170 Mississippi State, Gaming County, Highway Improvements, Ser. A, GO, 5.00%, 07/01/01 3,178 -------- 10,798 Missouri -- 2.1% 7,260 Independence, Missouri, IDA, Multi-Family Housing, FLOATS, Ser. PT-314, Rev., FRDO, 4.40%, 03/01/01 7,260 3,400 Kansas City, Missouri, IDR, Livers Bronze Co. Project, Rev., FRDO, 3.70%, 03/01/01 3,400 880 Macon, Missouri, IDA, Health Care Realty Macon, Rev., FRDO, 4.30%, 03/01/01 880 1,600 Missouri Higher Education Loan Authority, Student Loan, Ser. B, Rev., FRDO, 3.30%, 03/05/01 1,600 3,375 Missouri State, Development Finance Board, Recreational Facilities, Greater St. Louis YMCA Project, Ser. B, Rev., FRDO, 3.55%, 03/06/01 3,375 See notes to financial statements. 31 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Missouri -- Continued $ 8,320 Missouri State, Housing Development Commission, FLOATS, Ser. PT-223, Rev., FRDO, 3.59%, 03/01/01 $ 8,322 6,735 Missouri State, Housing Development Commission, FLOATS, Ser. PT-263, Rev., FRDO, 3.59%, 03/01/01 6,736 3,965 Missouri State, Housing Development Commission, Ser. A-64, Rev., FRDO, 3.35%, 03/07/01 3,970 865 Osage Beach, Missouri, IDA, Health Care Realty Osage, Rev., FRDO, 4.30%, 03/01/01 865 -------- 36,408 Montana -- 0.2% 3,705 Montana State, Board of Housing, FLOATS, Ser. PT-356, Rev., FRDO, 3.59%, 03/02/01 3,705 Multiple States -- 1.5% 27,500 Charter Mac, Floating Rate Certificates, Ser. NAT-1, FRDO, 3.72%, 03/06/01 27,501 Nebraska -- 0.6% 4,700 Nebraska, Municipal Securities Trust Receipts, Ser. 2000-108, Class A, GO, FRDO, 3.20%, 03/01/01 4,700 5,000 Nebraska, Public Power District, Ser. A, Rev., 5.00%, 01/01/02 5,025 1,500 Sidney, Nebraska, IDR, Pennington Seed Inc. Project, Rev., FRDO, 3.60%, 03/06/01 1,500 -------- 11,225 Nevada -- 3.3% 3,300 Clark County, Nevada, Airport, Ser. B-2, Rev., FRDO, 3.15%, 03/07/01 3,300 1,745 Clark County, Nevada, School District, Building & Renovation, Ser. B, GO, @, 7.50%, 06/15/01 1,760 19,800 Eagle Tax Exempt Trust, Weekly Option Mode, Clark County, Ser. 98-2801, FRDO, #, 3.57%, 03/05/01 19,800 3,390 Nevada Housing Division, Multi-Unit Housing, Horizon, Ser. A, Rev., FRDO, 3.60%, 03/02/01 3,390 6,250 Nevada Housing Division, Multi-Unit Housing, Joshua Villas, Ser. E, Rev., FRDO, 3.60%, 03/02/01 6,250 5,455 Nevada Housing Division, Multi-Unit Housing, Judith Villas, Ser. C, Rev., FRDO, 3.60%, 03/01/01 5,455 6,750 Nevada Housing Division, Multi-Unit Housing, Ser. A, Rev., FRDO, 3.60%, 03/01/01 6,750 3,195 Nevada Housing Division, Multi-Unit Housing, Ser. M, Rev., FRDO, 3.60%, 03/05/01 3,195 4,400 Nevada State, Municipal Securities Trust Receipts, Ser. SGB-31, GO, FRDO, 3.57%, 03/07/01 4,400 4,350 Reno, Nevada, Hospital, St Mary's Regional Medical, Ser. B, Rev., FRDO, 3.30%, 03/01/01 4,350 -------- 58,650 New Hampshire -- 0.4% 4,060 New Hampshire State, Housing Finance Authority, Single Family Housing, FLOATS, Ser. PA-744, FRDO, 3.67%, 03/06/01 4,060 2,925 New Hampshire State, Housing Finance Authority, Single Family, FLOATS, Ser. PT-115, Rev., FRDO, 3.64%, 03/06/01 2,925 -------- 6,985 See notes to financial statements. 32 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- New Jersey -- 1.5% $ 2,825 Hudson County, New Jersey, Ser. A-9, Regulation D, COP, FRDO, 3.10%, 03/07/01 $ 2,825 10,405 New Jersey State, Sports & Exposition Authority, FLOATS, Ser. PA-649R, Rev., FRDO, 3.32%, 03/02/01 10,405 1,500 New Jersey State, Sports & Exposition Authority, State Contract, Ser. C, Rev., FRDO, 3.20%, 03/05/01 1,500 4,000 New Jersey State, TRAN, 3.45%, 04/05/01 4,000 7,495 New Jersey State, Transportation Corp., FLOATS, COP, Ser. PA-801, Rev., FRDO, 3.40%, 03/01/01 7,495 -------- 26,225 New Mexico -- 0.9% 1,085 Albuquerque, New Mexico, Ser. C, GO, 5.20%, 07/01/01 1,092 300 Farmington, New Mexico, PCR, Arizona Public Services Co., Ser. A, Rev., FRDO, 3.10%, 03/01/01 300 5,000 New Mexico State, Rev., TRAN, 5.00%, 06/29/01 5,011 8,000 New Mexico State, TRAN, Ser. A, Rev., 5.00%, 06/29/01 8,022 -------- 14,425 New York -- 4.9% 1,090 Eagle Tax-Exempt Trust, Weekly Option Mode, Ser. 96C-4901, Class A, FRDO, #, 3.59%, 03/07/01 1,090 1,305 Fort Plain, New York, Central School District, GO, @, 4.75%, 06/15/01 1,306 9,320 IBM Tax Exempt Grantor Trust, IBM Project, FLOATS, Weekly Receipt, FRDO, 3.72%, 03/07/01 9,320 3,000 Jamestown, New York, City School District, GO, 4.90%, 06/15/01 3,003 1,520 Monroe County, New York, Airport Authority, FLOATS, Ser. PA-585, Rev., FRDO, 3.40%, 03/01/01 1,520 16,300 Nassau County, New York, Ser. B, GO, RAN, 6.00%, 03/20/01 16,313 8,900 New York City, New York, Trust Cultural Resources, American Museum of National History, Ser. B, Rev., FRDO, 4.50%, 07/01/01 8,900 19,300 New York State, Dorm Authority, Columbia University, Ser. A, Rev., FRDO, 3.70%, 03/07/01 19,300 9,965 New York, Municipal Securities Trust Receipts, Ser. 2000-98, Class A, Rev., FRDO, 3.24%, 03/07/01 9,965 15,000 Onondaga County, New York, IDA, Solid Waste Disposal Facilities, Solvay Paperboard Project, Ser. A, FRDO, 4.25%, 12/06/01 15,000 1,020 Rome, New York, City School District, GO, 5.38%, 06/15/01 1,023 -------- 86,740 North Carolina -- 1.4% 7,000 Durham, North Carolina, Housing Authority, Multi-Family Housing, FLOATS, Ser. PT-1258, Rev., FRDO, 3.82%, 03/02/01 7,000 2,000 Gaston County, North Carolina, Industrial Facilities & Pollution Control Financing Authority, Industrial Development, Quality Metal Project, Rev., FRDO, 3.65%, 03/06/01 2,000 See notes to financial statements. 33 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- North Carolina -- Continued $ 800 Guilford County, North Carolina, Industrial Facilities & Pollution Control Financing Authority, Neal Manufacturing, Rev., FRDO, 3.65%, 03/05/01 $ 800 5,350 Mecklenburg County, North Carolina, COP, FRDO, 3.55%, 03/05/01 5,350 3,300 Mecklenburg County, North Carolina, Public Improvement, Ser. C, GO, FRDO, 3.10%, 03/07/01 3,300 3,000 North Carolina, Medical Care Commission, Catholic Health East, Ser. D, Rev., FRDO, 3.10%, 03/07/01 3,000 3,000 North Carolina, Medical Care Commission, Lincoln Health Systems Project, Ser. A, Rev., FRDO, 3.55%, 03/05/01 3,000 --------- 24,450 North Dakota -- 1.0% 2,160 Burleigh County, North Dakota, Health Care, Medical Center One Inc., Rev, 5.00%, 05/01/01 2,162 16,000 North Dakota State, Housing Finance Agency, Housing Finance Program, Home Mortgage, Ser. D, Rev., @, 4.45%, 08/27/01 16,000 --------- 18,162 Ohio -- 0.9% 1,505 American Municipal Power-Ohio Inc., Omega JV2 Project, Rev., 4.25%, 01/01/02 1,518 4,600 Columbus, Ohio, Ser. 1, GO, FRDO, 3.35%, 03/01/01 4,600 4,900 Ohio Housing Finance Agency, Residential Mortgage, Ser. C, Rev., FRDO, 4.35%, 09/01/01 4,900 1,125 Ohio State, Air Quality Development Authority, PCR, Ohio Edison Project, Ser. C, Rev., FRDO, 3.20%, 03/01/01 1,125 2,800 Ohio State, Water Development Authority, PCR, Ohio Edison Co. Project, Ser. B, Rev., FRDO, 3.20%, 03/01/01 2,800 1,330 Ohio State, Water Development Authority, Pollution Control Facilities, Water Control Loan Fund, State Match, Rev., 5.50%, 06/01/01 1,333 --------- 16,276 Oklahoma -- 1.3% 6,000 Norman, Oklahoma, Regional Hospital Authority, Rev. ^, 6.90%, 09/01/01 6,153 10,000 Oklahoma State, Water Resource Board, State Loan Program, Rev., FRDO, +, 4.30%, 09/04/01 10,000 6,500 Tulsa, Oklahoma, IDA, Justin Industries Project, Rev., FRDO, 3.85%, 03/01/01 6,500 --------- 22,653 Oregon -- 1.7% 8,200 Oregon State, Housing & Community Services Department, Convent Retirement, Ser. A, Rev., FRDO, 3.60%, 03/06/01 8,200 5,240 Oregon State, Housing & Community Services Department, Single Family Mortgage Program, Ser. C, Rev., 4.25%, 09/27/01 5,240 See notes to financial statements. 34 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Oregon -- Continued $ 3,665 Oregon State, Housing & Community Services Department, Single Family Mortgages, Ser. J, Rev., 4.35%, 03/01/01 $ 3,665 5,000 Oregon State, Ser. A-18, Regulation D, FRDO, 3.35%, 03/07/01 5,000 3,250 Oregon State, Veterans Welfare, Ser. 80-B, Rev., 4.35%, 10/01/01 3,250 3,470 Port Portland, Oregon, Airport, Ser. 7-A, Rev., ^, 6.75%, 07/01/01 3,528 800 Port Portland, Oregon, PCR, Reynold Metals, Rev., FRDO, 3.10%, 03/01/01 800 -------- 29,683 Pennsylvania -- 2.6% 4,000 Allegheny County, Pennsylvania, Ser. C-51, GO,, 4.25%, 05/01/01 4,000 3,900 Butler County, Pennsylvania, Hospital Authority, North Hills Passavant Hospital, Ser. A, Rev., ^, 7.00%, 06/01/01 3,999 100 Delaware Valley, Pennsylvania, Regional Finance Authority, Local Government, Rev., FRDO, 3.10%, 03/07/01 100 5,900 Eagle Tax Exempt Trust, Weekly Option Mode, Class A, FRDO, #, 3.57%, 03/01/01 5,900 2,000 Harrisburg, Pennsylvania, Water Authority, Municipal Securities Trust Receipts, Ser. SGA-80, Rev., FRDO, 3.24%, 03/07/01 2,000 11,500 Pennsylvania State, Higher Education Assistance Agency, Student Loan, Ser. E, Rev. FRDO, 3.25%, 03/05/01 11,500 4,230 Philadelphia, Pennsylvania, Authority for Industrial Development, Airport, FLOATS, Ser. PT-417, Rev.,, 4.55%, 06/14/01 4,230 3,000 Philadelphia, Pennsylvania, Municipal Authority, Ser. N-14, Regulation D, Rev., FRDO, 3.20%, 03/07/01 3,000 5,000 Philadelphia, Pennsylvania, Ser. A, Rev., TRAN, @, 5.00%, 06/29/01 5,010 3,795 Quakertown, Pennsylvania, General Authority, Pooled Financing Program, Ser. A, Rev., FRDO, 3.20%, 03/01/01 3,795 1,600 South Fork, Pennsylvania, Hospital Authority, Conemaugh Health Systems, Ser. A, Rev., FRDO, 3.15%, 03/01/01 1,600 500 Southeastern Pennsylvania, Transportation Authority, Special Ser. SG-28, 3.47%, 03/02/01 500 -------- 45,634 Rhode Island -- 1.2% 4,995 Rhode Island Refunding Bond Authority, State Public Projects, FLOATS, Ser. PT-419, Rev., 4.50%, 06/14/01 4,995 15,650 Rhode Island, Convention Center Authority, Ser. A. Rev. ^, 6.70%, 05/15/01 16,040 -------- 21,035 See notes to financial statements. 35 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- South Carolina -- 3.6% $ 3,000 Cherokee County, South Carolina, Industrial Revenue, Oshkosh Truck Project, Rev., FRDO, 3.35%, 03/07/01 $ 3,000 2,150 Florence County, South Carolina, Solid Waste Disposal & Wastewater Treatment, Roche Carolina Inc., Rev., FRDO, 3.35%, 03/01/01 2,150 3,500 Kershaw County, South Carolina, IDR, New South Inc. Project, Rev., FRDO, 3.60%, 03/07/01 3,500 5,210 South Carolina State, Housing, Finance & Development, Rental Housing, Oak Ridge/McGuire, FRDO, 3.50%, 03/07/01 5,210 3,045 South Carolina State, Housing, Finance & Development, Rental Housing, Waverly Place project, Rev., FRDO, 3.50%, 03/01/01 3,045 2,000 South Carolina State, Public Service Authority, Municipal Trust Receipts, Ser. SG-32, Rev., FRDO, ^, 3.54%, 03/01/01 2,006 23,100 South Carolina Transportation Infrastructure Bank, Floating Rate Trust Receipts, Ser. L-10, Regulation D, Rev., FRDO, 3.30%, 03/07/01 23,100 11,000 South Carolina Transportation Infrastructure Bank, Municipal Trust Receipts, Ser. SGA-116, Rev., FRDO, 3.20%, 03/01/01 11,000 3,500 South Carolina, Jobs Economic Development Authority, Catholic Diocese, South Carolina Project, Rev., FRDO, 3.60%, 03/01/01 3,500 3,000 South Carolina, Jobs Economic Development Authority, Concept Packaging Group Project, Rev., FRDO, 3.70%, 03/02/01 3,000 4,750 South Carolina, Jobs Economic Development Authority, Walley Proteins Inc. Project, FRDO, 3.65%, 03/01/01 4,750 -------- 64,261 South Dakota -- 1.5% 4,710 South Dakota Economic Development Finance Authority, Hastings Filters Inc. Project, Rev., FRDO, 3.55%, 03/05/01 4,710 12,855 South Dakota Housing Development Authority, FLOATS, Ser. PT-73, Rev., FRDO, 4.42%, 03/02/01 12,855 5,400 South Dakota, Housing Development Authority, Ser. D, Class A, FRDO, 3.62%, 03/07/01 5,400 4,500 South Dakota, Housing Development Authority, Ser. N-1, Regulation D, Rev., FRDO, 3.35%, 03/07/01 4,500 -------- 27,465 Tennessee -- 4.6% 800 Clarksville, Tennessee, Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund, Rev., FRDO, 3.55%, 03/05/01 800 3,000 Jackson, Tennessee, Industrial Development Board, Solid Waste Disposal, Steel Corp. Project, FRDO, 3.65%, 03/07/01 3,000 1,700 Knoxville, Tennessee, Utilities Board, Sub-Gas Systems, Rev., FRDO, 3.15%, 03/01/01 1,700 See notes to financial statements. 36 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Tennessee -- Continued $ 5,995 Metropolitan Government Nashville & Davidson Counties,Tennessee, FLOATS, Ser. PT-394, Rev., FRDO, 4.45%, 03/07/01 $ 5,995 2,700 Metropolitan Government of Nashville & Davidson Counties, Tennessee, Industrial Development Board, Country Music Hall of Fame, Rev., FRDO, 3.40%, 03/06/01 2,700 1,000 Metropolitan Government of Nashville & Davidson Counties, Tennessee, Water & Sewer, Rev., ^, 6.00%, 01/01/02 1,041 5,980 Nashville & Davidson County, Tennessee, Metropolitan Government Water and Sewer, Ser. L-23, Regulation D, FRDO, 3.30%, 03/06/01 5,980 1,500 Sevier County, Tennessee, Public Building Authority, Local Government Public Improvement, Ser. II-A-1, Rev., FRDO, 3.45%, 03/06/01 1,500 2,500 Sevier County, Tennessee, Public Building Authority, Local Government Public Improvement, Ser. II-A-2, Rev., FRDO, 3.45%, 03/06/01 2,500 4,000 Sevier County, Tennessee, Public Building Authority, Local Government Public Improvement, Ser. II-D-2, Rev., FRDO, 3.45%, 03/01/01 4,000 1,160 Sevier County, Tennessee, Public Building Authority, Local Government Public Improvement, Ser. II-D-3, Rev., FRDO, 3.45%, 03/01/01 1,160 6,800 Sevier County, Tennessee, Public Building Authority, Local Government Public Improvement, Ser. III-C-5, Rev., FRDO, 3.45%, 03/06/01 6,800 1,600 Sevier County, Tennessee, Public Building Authority, Local Government Public Improvement, Ser. III-D-3, Rev., FRDO, 3.45%, 03/05/01 1,600 5,000 Sevier County, Tennessee, Public Building Authority, Local Government Public Improvement, Ser. III-E-2, Rev., FRDO, 3.45%, 03/05/01 5,000 2,500 Sevier County, Tennessee, Public Building Authority, Local Government Public Improvement, Ser. III-E-3, Rev., FRDO, 3.45%, 03/05/01 2,500 5,500 Sevier County, Tennessee, Public Building Authority, Local Government Public Improvement, Ser. III-G-2, Rev., FRDO, 3.45%, 03/07/01 5,500 5,465 Shelby County, Tennessee, Health, Educational & Housing Facilities Board, Educational Facilities, Rhodes College, Rev., FRDO, 3.40%, 03/05/01 5,465 7,295 Smyrna, Tennessee, Housing Association Inc., Multi-Family Housing, Ser. Q, Class A, Rev., FRDO, 3.57%, 03/01/01 7,296 700 South Pittsburgh, Tennessee, Industrial Development Board, Lodge Manufacturing Co. Project, Rev., FRDO, 3.60%, 03/07/01 700 3,635 Tennessee Housing Development Agency, FLOATS, Ser. PA-726R, Rev., FRDO, 3.62%, 03/06/01 3,635 13,250 Tennessee, Housing Development Agency, FLOATS, Ser. PT-279, Rev., FRDO, 4.30%, 04/05/01 13,250 -------- 82,122 See notes to financial statements. 37 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Texas -- 15.0% $ 5,000 Alamo, Texas, Independent School District, Pharr-San Juan, Municipal Securities Trust Receipts, Ser. SGA-101, GO, FRDO, 3.24%, 03/01/01 $ 5,000 2,000 Austin, Texas, Independent School District, GO, 5.20%, 08/01/01 2,006 1,000 Brazos River Authority, Texas, PCR, TXU Electric Co., Ser. C, Rev., FRDO, 3.25%, 03/07/01 1,000 9,200 Carroll, Texas, Independent School District, GO, FRDO, 3.50%, 03/01/01 9,200 5,000 Dallas-Fort Worth, Texas, International Airport Facilities Improvement Corp., Flight Safety Project, Rev., FRDO, 3.60%, 03/02/01 5,000 1,955 Dallas-Fort Worth, Texas, Regional Airport, Municipal Securities Trust Receipts, Ser. SGA-49, Rev., FRDO, 3.20%, 03/01/01 1,955 3,910 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 99-4302, #, FRDO, 3.57%, 03/05/01 3,910 2,420 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 3C-7, Class A, FRDO, #, 3.57%, 03/05/01 2,420 1,200 Grapevine, Texas, Industrial Development Corp., Multiple Mode, American Airlines, Ser. A-4, Rev., FRDO, 3.10%, 03/01/01 1,200 5,000 Greater East Texas, Higher Education, Ser. B, FRDO, 3.45%, 02/01/02 5,000 10,000 Greater Texas, Student Loan Corp., Student Loan, Ser. A, Rev., 3.45%, 02/01/02 10,000 3,000 Guadalupe Blanco River Authority, Texas, IDC, IDR, The BOC Group Inc. Project, Rev., FRDO, 3.50%, 03/06/01 3,000 4,300 Gulf Coast Waste Disposal Authority, Amoco Oil Co. Project, Rev., FRDO, 3.30%, 03/01/01 4,300 5,000 Harlandale, Texas, Independent School District, Municipal Securities Trust Receipts, Ser. SGA-100, GO, FRDO, 3.24%, 03/02/01 5,000 5,200 Harris County, Texas, GO, 3.30%, 06/07/01 5,200 7,500 Harris County, Texas, GO, 3.35%, 06/06/01 7,500 1,100 Harris County, Texas, IDC, Shell Oil Co. Project, FRDO, 3.10%, 03/01/01 1,100 7,600 Hays, Texas, Memorial Health Facilities Development Corp., Central Texas Medical Center Project, Ser. A, Rev., 3.60%, 03/05/01 7,600 3,000 Houston, Texas, Independent School District, Ser. A, GO, 5.40%, 06/01/01 3,014 3,900 Katy, Texas, Independent School District, Ser, A, GO, FRDO, 3.50%, 03/07/01 3,900 6,010 Kerrville, Texas, Independent School District, FLOATS, Ser. PA-698, GO, FRDO, 3.54%, 03/01/01 6,010 1,300 Lone Star, Texas, Apartment Improvement Authority, Multiple Mode, Ser. B-1, Rev., FRDO, 3.20%, 03/01/01 1,300 4,200 Longview, Texas, Industrial Corp., Collins Industries Inc. Project, Rev., FRDO, 3.70%, 03/01/01 4,200 See notes to financial statements. 38 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Texas -- Continued $ 5,290 Mission, Texas, Independent School District, Municipal Securities Trust Receipts, Ser. SGA-105, GO, FRDO, 3.24%, 03/02/01 $ 5,290 5,000 North Central, Texas, Health Facilities Development Corp., Methodist Hospitals, 3.40%, 04/02/01 5,000 2,500 North Central, Texas, Health Facilities Development Corp., Methodist Hospitals, Dallas, Ser. B, Rev., FRDO, 3.15%, 03/01/01 2,500 25,000 North Central, Texas, Health Facilities Development Corp., Methodist Hospitals, Rev., FRDO, 4.20%, 03/06/01 25,001 3,700 North Texas, Higher Education Authority, Student Loan, Ser. A, Rev., FRDO, 3.25%, 03/01/01 3,700 8,000 North Texas, Higher Education Authority, Student Loan, Ser. B, Rev., FRDO, 3.25%, 03/07/01 8,000 1,400 North Texas, Higher Education Authority, Student Loan, Ser. F, Rev., FRDO, 3.25%, 03/06/01 1,400 1,000 Port Corpus Christi Authority, Texas, Nueces County, Solid Waste Disposal, Koch Refining Co. Project, FRDO, 3.15%, 03/05/01 1,000 4,700 Richardson, Texas, Independent School District, Ser. A, GO, FRDO, 3.50%, 03/01/01 4,700 7,190 San Angelo, Texas, Independent School District, GO, FRDO, 3.50%, 03/01/01 7,190 19,920 San Antonio, Texas, Electric & Gas, Municipal Securities Trust Receipts, Ser. SGA-48, Rev., FRDO, 3.24%, 03/02/01 19,920 5,000 San Antonio, Texas, Water Revenue, Municipal Securities Trust Receipts, Ser. SGA-42, Rev., FRDO, 3.24%, 03/05/01 5,000 8,430 Tarrant County, Texas, Housing Finance Corp, Multi-Family Housing, Remington Project, Rev., FRDO, 3.15%, 03/05/01 8,430 10,470 Texas Board of Water Development, Municipal Securities Trust Receipts, Ser. SGA-104, Rev., FRDO, 3.24%, 03/06/01 10,470 11,000 Texas State, 3.35%, 05/09/01 11,000 1,100 Texas State, Department of Housing & Community Affairs, Multi-Family Housing, Timber Point Apartments, Ser. A-1, Rev., FRDO, 3.25%, 03/05/01 1,100 5,565 Texas State, Department of Housing & Community Affairs, Residential Mortgage, FLOATS, Ser. PA-743R, Rev., FRDO, 3.64%, 03/01/01 5,565 4,910 Texas State, FLOATS, Ser. PT-1991, Rev., FRDO, 3.59%, 03/07/01 4,910 12,900 Texas State, Rev., TRAN, 5.25%, 08/31/01 12,961 3,000 Texas State, Turnpike Authority, Dallas North Thruway, Floating Rate Receipts, Ser. SG-70, Rev., FRDO, 3.54%, 03/07/01 3,000 4,300 Texas State, Veteran's Housing Assistance, Ser. A-1, GO, FRDO, 3.35%, 03/06/01 4,300 See notes to financial statements. 39 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Texas -- Continued $ 5,000 Tyler, Texas, Waterworks & Sewer, Municipal Securities Trust Receipts, Ser. SGA-112, Rev., FRDO, 3.20%, 03/01/01 $ 5,000 14,290 University of Texas, Municipal Securities Trust Receipts, Ser. SGA-78, Rev., FRDO, 3.24%, 03/06/01 14,290 --------- 268,542 Utah -- 1.3% 5,000 Intermountain Power Agency of Utah, Power Supply, Ser. 1985, Rev., 3.40%, 04/02/01 5,000 7,500 Utah State, Housing Finance Agency, Single Family Mortgage, Ser. D-1, Rev., FRDO, 3.30%, 03/05/01 7,500 5,000 Utah State, Housing Finance Agency, Single Family Mortgage, Ser. E-1, Rev., FRDO, 3.30%, 03/06/01 5,000 5,000 Utah State, Housing Finance Agency, Single Family Mortgage, Ser. F-2, Class I, Rev., FRDO, 3.30%, 03/05/01 5,000 --------- 22,500 Virginia -- 1.3% 2,000 Harrisonburg, Virginia, Redevelopment & Housing Authority, Multi-Family Housing, Misty Ridge Project, Ser. A, Rev., FRDO, 3.58%, 03/05/01 2,000 6,170 King George County, Virginia, IDA, Exempt Facilities, Birchwood Power Partners, Ser. B, Rev., FRDO, 3.35%, 03/01/01 6,170 3,225 Petersburg, Virginia, Hospital Authority, Hospital Facilities, Southside Regional, Rev., FRDO, 3.25%, 03/01/01 3,225 11,385 Virginia State, Public School Authority, FLOATS, Ser. PT-431, Rev. FRDO, 3.47%, 03/06/01 11,385 --------- 22,780 Washington -- 5.2% 12,150 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. A, FRDO, 3.57%, 03/01/01 12,150 15,830 King County, Washington, FLOATS, Ser. PT-385, Rev., FRDO, 3.33%, 03/02/01 15,830 950 King County, Washington, Housing Authority, Auburn Court Apartments Project, Rev., FRDO, 3.65%, 03/07/01 950 2,290 King County, Washington, School District No. 414, Lake Washington, GO, 5.00%, 12/01/01 2,300 5,000 Port Anacortes, Washington, Industrial Revenue, Texaco Project, Rev., FRDO, 3.40%, 03/01/01 5,000 2,000 Port Townsend, Washington, Industrial Development, Port Townsend Paper Corp., Ser. A, Rev., FRDO, 3.65%, 03/05/01 2,000 1,050 Redmond, Washington, Public Corp., Industrial Revenue, Integrated Circuits Project, Rev., FRDO, 3.50%, 03/01/01 1,050 1,275 Seattle, Washington, Housing Authority, Low Income Housing Assistance, Bayview Manor Project, Ser. B, Rev., FRDO, 3.50%, 03/07/01 1,275 See notes to financial statements. 40 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Washington -- Continued $ 8,955 Seattle, Washington, Municipal Light & Power, Municipal Securities Trust Receipts, Ser. SGA-96, Rev., FRDO, 3.20%, 03/01/01 $ 8,956 1,000 Seattle, Washington, Port Authority, Ser. B, Rev., 6.10%, 11/01/01 1,018 8,200 Snohomish County, Washington, Public Utilities District No. 001, Municipal Securities Trust Receipts, Ser. SGA-124, Rev., FRDO, 3.20%, 03/01/01 8,200 14,500 Tacoma, Washington, Rev., 3.30%, 05/23/01 14,500 1,705 Washington State, Housing Finance Commission, Single Family Program, Ser. 2-A-S, Rev., 4.40%, 04/01/01 1,705 2,900 Washington State, Housing Finance Commission, Spokane Community College Foundation, Ser. A, Rev., FRDO, 3.55%, 03/02/01 2,900 4,000 Washington State, Public Power Supply System, Nuclear Project No. 1, Ser. A, Rev., ^, 6.88%, 07/01/01 4,107 6,860 Washington State, Public Power Supply Systems, Nuclear Project No. 1, Ser. C, Rev., 7.63%, 07/01/01 6,942 1,200 Washington State, Ser. R-96-B, GO, 5.50%, 07/01/01 1,209 2,220 Washington State, Ser. R-98-B, GO, 4.00%, 07/01/01 2,225 -------- 92,317 West Virginia -- 0.4% 2,000 West Virginia School Building Authority, Capital Improvement, Ser. A, Rev., ^, 6.75%, 07/01/01 2,061 5,765 West Virginia State, Building Commission, FLOATS, Ser. PA-520, Rev., FRDO, 3.62%, 03/01/01 5,765 -------- 7,826 Wisconsin -- 2.6% 5,520 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 94-4904, FRDO, #, 3.59%, 03/05/01 5,520 1,150 Milwaukee County, Wisconsin, Ser. A, GO, 4.50%, 10/01/01 1,151 14,455 Municipal Securities Trust Certificates, Ser. 1999-70, Class A, Rev., FRDO, 3.24%, 03/06/01 14,455 2,500 University of Wisconsin, Hospital & Clinics Authority, Rev., FRDO, 3.20%, 03/01/01 2,500 3,250 Wisconsin Housing & Economic Development Authority, Home Ownership, Floating Rate Trust Receipts, Ser. 18, Rev., FRDO, 3.40%, 03/07/01 3,250 7,220 Wisconsin Public Power Inc. System, Power Supply System, Municipal Securities Trust Receipts, Ser. SGA-2, Rev., FRDO, 3.24%, 03/05/01 7,250 5,000 Wisconsin State, Clean Water, Ser. 1, Rev., ^, 6.75%, 06/01/01 5,124 7,200 Wisconsin State, Health & Education Facilities Authority, Ser. 1998-A, Rev., 3.70%, 03/07/01 7,200 -------- 46,450 See notes to financial statements. 41 JPMorgan Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Money Market Instruments -- Continued - -------------------------------------------------------------------------------- Wyoming -- 1.2% $ 2,000 Lincoln County, Wyoming, PCR, Exxon Project, Ser. B, Rev., FRDO, 3.10%, 03/01/01 $ 2,000 400 Uinta County, Wyoming, PCR, Chevron U.S.A. Inc. Project, Rev., FRDO, 3.05%, 03/01/01 400 14,700 Wyoming Community Development Authority, Housing, FLOATS, Ser. PT-195, Rev., FRDO, 4.45%, 03/05/01 14,700 3,600 Wyoming Community Development Authority, Housing, Ser. 2, Rev., 3.75%, 06/01/01 3,600 ---------- 20,700 ------------------------------------------------------------------ Total Municipal Securities 1,775,477 (Cost $1,775,477) - -------------------------------------------------------------------------------- Total Investments -- 100.0% $1,776,577 (Cost $1,776,577)* - -------------------------------------------------------------------------------- See notes to financial statements. 42 - -------------------------------------------------------------------------------- JPMorgan New York Tax Free Money Market Fund Portfolio of Investments As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Shares Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- 99.9% - -------------------------------------------------------------------------------- California -- 0.1% $ 300 Coronado, California, Community Development Agency, Coronado Community Development Project, Tax Allocation, ^, 6.30%, 09/01/01 $ 309 1,000 Oxnard, California, Industrial Development Financing Authority, IDR, Accurate Engineering Project, Rev., FRDO, 2.40%, 03/07/01 1,000 -------- 1,309 Maryland -- 0.2% 4,100 Maryland State, Stadium Authority, Sports Facilities Lease, Rev., FRDO, 3.25%, 03/07/01 4,100 New York -- 99.6% 12,000 ABN AMRO Munitops, Certificates Trust, New York, Ser. 1999-13, FRDO, #, 3.13%, 03/07/01 12,000 11,530 Albany, New York, GO, BAN, 5.00%, 08/03/01 11,546 570 Albany, New York, IDA, IDR, Newkirk Productions Inc. Project, Ser. A, Rev., FRDO, 3.40%, 03/01/01 570 6,182 Allegany-Limestone, New York, Central School District, GO, BAN, 3.50%, 02/06/02 6,192 2,500 Arcade, New York, GO, BAN, 5.00%, 09/13/01 2,506 1,125 Attica, New York, Central School District, GO, BAN, 4.30%, 06/15/01 1,128 8,000 Attica, New York, Central School District, GO, BAN, @, 5.00%, 04/18/01 8,005 8,915 Attica, New York, Central School District, GO, BAN, 5.00%, 06/15/01 8,923 1,450 Babylon, New York, IDA, IDR, Edwin Berger/Lambro Industries, Rev., FRDO, 3.10%, 03/07/01 1,450 8,800 Babylon, New York, IDA, Resource Recovery, OFS Equity Babylon Project, Rev., FRDO, 3.10%, 03/01/01 8,800 1,850 Bath, New York, Central School District, GO, 5.00%, 06/15/01 1,853 3,000 Beekmantown, New York, Central School District, GO, BAN, 5.00%, 06/29/01 3,004 2,000 Bethpage, New York, Union Free School District, GO, BAN, 3.75%, 09/13/01 2,003 6,000 Board of Cooperative Educational Services, New York, Sole Supervisory District, GO, RAN, 5.00%, 06/27/01 6,007 9,620 Board of Cooperative Educational Services, New York, Sole Supervisory District, GO, RAN, @, 5.00%, 06/29/01 9,628 4,000 Board of Cooperative Educational Services, New York, Sole Supervisory District, GO, RAN, @, 5.25%, 06/22/01 4,005 9,950 Board of Cooperative Educational Services, New York, Sole Supervisory District, Rev., RAN, 4.50%, 12/28/01 9,978 7,500 Board of Cooperative Educational Services, New York, Sole Supervisory District, Ser. A, GO, RAN, 5.00%, 06/22/01 7,507 3,300 Brentwood, New York, Union Free School District, GO, TAN, 5.00%, 06/29/01 3,307 See notes to financial statements. 43 JPMorgan New York Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- New York -- Continued $ 795 Brockport, New York, Central School District, GO, 5.40%, 06/15/01 $ 797 2,771 Brookhaven, New York, IDA, IDR, Waverly Association LLC, Rev., FRDO, 3.60%, 03/01/01 2,771 1,000 Broome County, New York, GO, BAN, 4.75%, 04/03/01 1,001 700 Broome County, New York, IDA, IDR, Binghamton Realty Project, Rev., FRDO, 3.00%, 03/07/01 700 3,075 Camden, New York, Central School District, GO, RAN, 5.00%, 06/29/01 3,079 3,544 Carthage, New York, Central School District, GO, RAN,5.00%, 06/22/01 3,547 2,670 Chautauqua County, New York, GO, BAN, ^, 4.50%, 03/06/01 2,670 9,400 Chautauqua Lake, New York, Central School District, GO, BAN, @, 4.50%, 03/15/01 9,401 9,000 Chemung County, New York, GO, RAN, 4.75%, 05/15/01 9,007 1,525 Chittenango, New York, Central School District, GO, RAN, @, 5.00%, 06/29/01 1,527 5,000 Cortland, New York, City School District, GO, RAN, 5.00%, 06/29/01 5,007 2,900 Dutchess County, New York, IDA, Civic Facility, Marist College, Ser. A, Rev., FRDO, 3.40%, 03/01/01 2,900 2,450 Dutchess County, New York, IDA, IDR, Laerdal Medical Corp. Project, Rev., FRDO, 3.25%, 03/07/01 2,450 5,990 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 3C-7, Class A, FRDO, #, 3.49%, 03/01/01 5,990 10,000 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 94-3203, Class A, FRDO, #, 3.49%, 03/01/01 10,000 8,805 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 94-3205, Class A, FRDO, #, 3.49%, 03/01/01 8,805 9,910 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 94-3208, Class A, FRDO, #, 3.49%, 03/01/01 9,910 20,880 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 95-3202, Class A, FRDO, #, 3.49%, 03/01/01 20,880 18,900 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 95-3203, Class A, FRDO, #, 3.49%, 03/01/01 18,900 12,155 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 96-3207, Class A, FRDO, #, 3.49%, 03/01/01 12,155 11,000 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 96C-3203, Class A, FRDO, #, 3.49%, 03/01/01 11,000 14,850 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 96C-3208, Class A, FRDO, #, 3.49%, 03/01/01 14,850 4,000 East Greenbush, New York, Ser. D, GO, BAN, 4.63%, 09/26/01 4,004 8,200 Eastern Suffolk, New York, Board of Cooperative Educational Services District, GO, RAN, @, 5.00%, 06/28/01 8,209 650 Elba, New York, Central School District, GO, 5.50%, 06/15/01 651 4,000 Elmira City, New York, School District, Ser. A, GO, BAN, 5.00%, 06/27/01 4,007 2,700 Erie County, New York, Water Authority, Ser. A, Rev., FRDO, 2.80%, 03/07/01 2,700 See notes to financial statements. 44 JPMorgan New York Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- New York -- Continued $ 1,400 Erie County, New York, Water Authority, Ser. B, Rev., FRDO, 2.80%, 03/07/01 $ 1,400 6,956 Gananda, New York, Central School District, GO, BAN, 4.75%, 12/20/01 6,971 530 Glens Falls, New York, IDA, IDR, Broad Street Center Project, Rev., FRDO, 2.95%, 03/07/01 530 1,955 Glenville, New York, GO, BAN, 5.00%, 07/13/01 1,958 9,700 Gorham-Middlesex, New York, Central School District, GO, BAN, 3.25%, 01/25/02 9,727 713 Goshen, New York, Central School District, GO, +, 4.00%, 06/15/01 714 4,010 Great Neck North, New York, Water Authority, Water System, Ser. A, Rev., FRDO, 2.90%, 03/07/01 4,010 1,100 Guilderland, New York, IDA, IDR, Northeastern Industrial Park, Ser. A, Rev., FRDO, 3.00%, 03/07/01 1,100 2,000 Hempstead, New York, Union Free School District, GO, RAN, 4.75%, 06/15/01 2,002 2,000 Hempstead, New York, Union Free School District, GO, TAN, @, 5.25%, 06/28/01 2,004 6,435 Highland Falls-FT Montgomery, New York, Central School District, GO, BAN, 4.75%, 07/16/01 6,441 3,550 Hilton, New York, Central School District, GO, RAN, 5.00%, 04/26/01 3,552 4,748 Honeoye, New York, Central School District, GO, BAN, 4.50%, 12/28/01 4,760 1,890 Ilion, New York, Central School District, GO, BAN, 5.00%, 03/29/01 1,891 3,256 Ilion, New York, Central School District, GO, RAN, 5.00%, 06/29/01 3,261 2,000 Islip, New York, IDA, Brentwood Distribution Co. Facility, Rev., FRDO, 3.50%, 03/01/01 2,000 8,000 Lakeland, New York, Central School District, Shrub Oak, Ser. A, GO, BAN, 4.75%, 11/21/01 8,021 5,060 Lisbon, New York, Central School District, GO, BAN, 4.75%, 04/27/01 5,062 10,000 Livonia, New York, Central School District, GO, BAN, 5.00%, 06/19/01 10,018 8,780 Long Island Power Authority, New York, Electric Systems, Floating Rate Receipts, Ser. SG-125, Rev., FRDO, 3.40%, 03/01/01 8,780 40,000 Long Island Power Authority, New York, Electric Systems, Sub. Ser. 2, Rev., FRDO, 2.95%, 03/07/01 40,001 12,500 Long Island Power Authority, New York, Electric Systems, Sub. Ser. 3, Rev., FRDO, 3.38%, 04/09/01 12,500 8,300 Long Island Power Authority, New York, Electric Systems, Sub. Ser. 3, Rev., FRDO, 3.40%, 04/02/01 8,300 13,900 Long Island Power Authority, New York, Electric Systems, Sub. Ser. 3, Rev., FRDO, 3.60%, 03/07/01 13,900 16,000 Long Island Power Authority, New York, Electric Systems, Sub. Ser. 3, Rev., FRDO, 4.15%, 04/09/01 16,000 8,900 Long Island Power Authority, New York, Electric Systems, Sub. Ser. 7, Sub. Ser. 7-B, Rev., FRDO, 2.95%, 03/07/01 8,900 See notes to financial statements. 45 JPMorgan New York Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- New York -- Continued $ 11,000 Long Island Power Authority, New York, Electric Systems, Sub. Ser. 7-B, Rev., FRDO, 3.30%, 03/08/01 $ 11,000 8,110 Longwood Central School District, Suffolk County, New York, GO, TAN, @, 5.00%, 06/29/01 8,119 4,418 Mayfield, New York, Central School District, GO, BAN, 4.75%, 06/28/01 4,422 3,985 Metropolitan Transportation Authority, New York, Commuter Facilities, Municipal Securities Trust Receipts, Ser. SGA-82, Rev., FRDO, 3.12%, 03/07/01 3,985 6,815 Metropolitan Transportation Authority, New York, Dedicated Tax Fund, FLOATS, Ser. PA-683, Rev., FRDO, 3.37%, 03/01/01 6,815 9,425 Metropolitan Transportation Authority, New York, Dedicated Tax Fund, Municipal Securities Trust Receipts, Ser. SGA-81, Rev., FRDO, 3.12%, 03/07/01 9,425 18,500 Metropolitan Transportation Authority, New York, Transportation Facilities, Rev., 3.30%, 05/29/01 18,500 27,400 Metropolitan Transportation Authority, New York, Transportation Facilities, Special Obligation, Ser. CP-1, Rev., BAN, 2.75%, 04/05/01 27,400 4,400 Mexico, New York, Central School District, GO, RAN, 5.00%, 06/21/01 4,404 6,000 Mineola, New York, Union Free School District, GO, TAN, 4.75%, 06/29/01 6,027 10,000 Monroe County, New York, IDA, Civic Facilities, St. Anns Home For Aged Project, Rev., FRDO, 3.00%, 03/07/01 10,000 1,500 Monroe County, New York, IDA, Public Improvements, Canal Ponds Park, Ser. D, Rev., FRDO, 2.95%, 03/07/01 1,500 4,000 Mount Vernon, New York, City School District, GO, TAN, 5.00%, 08/30/01 4,010 10,335 Municipal Securities Trust Certificates, Ser. 2000-109, Class A, Rev., FRDO, 3.20%, 03/01/01 10,335 6,485 Municipal Securities Trust Certificates, Ser. 2000-89, Class A, Rev., FRDO, 3.20%, 03/01/01 6,485 17,500 Nassau County, New York, Interim Finance Authority, Municipal Securities Trust Receipts, Ser. SGA-108, FRDO, 3.20%, 03/07/01 17,500 3,755 New York City, New York, FLOATS, Ser. PA-148, FRDO, 3.52%, 03/01/01 3,755 36,000 New York City, New York, FLOATS, Ser. PT-1038, GO, FRDO, 3.40%, 03/01/01 36,000 9,245 New York City, New York, FLOATS, Ser. PT-405, GO, FRDO, 3.40%, 03/01/01 9,245 4,730 New York City, New York, Health & Hospital Corp., Health Systems, Ser. B, Rev., FRDO, 2.95%, 03/07/01 4,730 6,160 New York City, New York, Health & Hospital Corp., Health Systems, Ser. E, Rev., FRDO 6,160 17,255 New York City, New York, Health & Hospital Corp., Health Systems, Ser. F, Rev., FRDO, 2.95%, 03/07/01 17,255 6,100 New York City, New York, Housing Development Corp., Multi-Family Housing, 55 Pierrepont Development, Ser. A, Rev., FRDO, 2.95%, 03/07/01 6,100 See notes to financial statements. 46 JPMorgan New York Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- New York -- Continued $16,370 New York City, New York, Housing Development Corp., Multi-Family Housing, Columbus Apartments, Ser. A, Rev., FRDO, 2.95%, 03/07/01 $ 16,370 8,300 New York City, New York, Housing Development Corp., Multi-Family Housing, James Tower Development, Ser. A, Rev., FRDO, 2.85%, 03/07/01 8,300 6,700 New York City, New York, Housing Development Corp., Multi-Family Housing, Marmion Avenue Project, Ser. A, Rev., FRDO, 3.00%, 03/07/01 6,700 9,000 New York City, New York, Housing Development Corp., Multi-Family Housing, Ogden Avenue Project, Ser. A, Rev., FRDO, 3.00%, 03/07/01 9,000 1,300 New York City, New York, Housing Development Corp., Multi-Family Housing, Sullivan Street Project, Ser. A, Rev., FRDO, 3.00%, 03/07/01 1,300 3,400 New York City, New York, Housing Development Corp., Multi-Family Rental Housing, 100 Jane Street Development, Ser. A, Rev., FRDO, 3.00%, 03/07/01 3,400 19,100 New York City, New York, Housing Development Corp., Multi-Family Rental Housing, Brittany Development, Ser. A, Rev., FRDO, 3.00%, 03/07/01 19,100 13,700 New York City, New York, Housing Development Corp., Multi-Family Rental Housing, Carnegie Park, Ser. A, Rev., FRDO, 2.95%, 03/07/01 13,700 27,000 New York City, New York, Housing Development Corp., Multi-Family Rental Housing, Monterey, Ser. A, Rev., FRDO, 2.95%, 03/07/01 27,000 5,600 New York City, New York, Housing Development Corp., Multi-Family Rental Housing, Tribeca Tower, Ser. A, Rev., FRDO, 3.00%, 03/07/01 5,600 2,250 New York City, New York, IDA, Civic Facilities, Columbia Grammar & Prep School, Rev., FRDO, 3.35%, 03/01/01 2,250 7,500 New York City, New York, IDA, Civic Facilities, Municipal Securities Trust Receipts, Ser. SGA-110, Rev., FRDO, 3.12%, 03/07/01 7,500 3,000 New York City, New York, IDA, Civic Facility, Calhoun School Inc. Project, Rev., FRDO, 3.40%, 03/01/01 3,000 3,400 New York City, New York, IDA, IDR, DXB Videotape Inc. Project, Rev., FRDO, 3.15%, 03/07/01 3,400 450 New York City, New York, IDA, IDR, Rev., FRDO, 3.05%, 03/07/01 450 12,000 New York City, New York, IDA, Solid Waste Facilities, U.S.A. Waste Services, New York City Project, Rev., FRDO, 3.40%, 03/01/01 12,000 5,900 New York City, New York, IDA, Special Facilities, Korean Airlines Co., Ser. C, Rev., FRDO, 3.00%, 03/07/01 5,900 1,300 New York City, New York, Municipal Securities Trust Receipts, Ser. SG-109, GO, FRDO, 3.40%, 03/01/01 1,300 See notes to financial statements. 47 JPMorgan New York Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- New York -- Continued $ 800 New York City, New York, Municipal Securities Trust Receipts, Ser. SGB-33, GO, FRDO, 3.49%, 03/01/01 $ 800 12,865 New York City, New York, Municipal Securities Trust Receipts, Ser. SGB-36, GO, FRDO, 3.40%, 03/01/01 12,865 1,500 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, FLOATS, Ser. PA-454, Rev., FRDO, 3.37%, 03/01/01 1,500 3,000 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, FLOATS, Ser. PT-1032, Rev., FRDO, 4.60%, 03/01/01 3,000 9,685 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Municipal Securities Trust Receipts, Ser. SGA-12, Rev., FRDO, 3.12%, 03/07/01 9,685 7,255 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Municipal Securities Trust Receipts, Ser. SGA-13, Rev., FRDO, 3.12%, 03/07/01 7,255 2,390 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Municipal Securities Trust Receipts, Ser. SGB-25, Rev., FRDO, 3.49%, 03/01/01 2,390 18,200 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Municipal Securities Trust Receipts, Ser. SGB-26, Rev., FRDO, 3.49%, 03/01/01 18,200 3,700 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Municipal Securities Trust Receipts, Ser. SGB-27, Rev., FRDO, 3.49%, 03/01/01 3,700 4,000 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Rev., 2.25%, 03/07/01 4,000 15,960 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. 11, Rev., FRDO, 3.10%, 03/07/01 15,960 2,270 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. A, Rev., ^, 7.00%, 06/15/01 2,308 24,600 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. A, Rev., FRDO, 2.95%, 03/01/01 24,600 7,700 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. C, Rev., FRDO, 2.95%, 03/01/01 7,700 12,400 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. G, Rev., FRDO, 3.00%, 03/01/01 12,400 5,000 New York City, New York, Ser. A, GO, RAN, 5.00%, 04/12/01 5,004 See notes to financial statements. 48 JPMorgan New York Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- New York -- Continued $ 6,700 New York City, New York, Ser. B, Sub. Ser B-2, GO, FRDO, 2.95%, 03/01/01 $ 6,700 6,100 New York City, New York, Ser. B, Sub. Ser. B-4, GO, FRDO, 2.95%, 03/01/01 6,100 5,300 New York City, New York, Ser. B, Sub. Ser. B-6, GO, FRDO, 3.05%, 03/01/01 5,300 5,285 New York City, New York, Ser. B, Sub. Ser. B-8, GO, FRDO, 2.95%, 03/07/01 5,285 1,600 New York City, New York, Ser. B-2, Sub. Ser. B-5, GO, FRDO, 3.05%, 03/01/01 1,600 2,095 New York City, New York, Ser. F-4, GO, FRDO, 2.95%,03/07/01 2,095 12,100 New York City, New York, Ser. F-5, GO, FRDO, 2.95%,03/07/01 12,100 7,300 New York City, New York, Sub. Ser. A-5, GO, FRDO, 2.95%, 03/01/01 7,300 3,300 New York City, New York, Sub. Ser. E-4, GO, FRDO, 3.00%, 03/01/01 3,300 4,900 New York City, New York, Transit Authority, Metropolitan Transportation Authority, Triborough, Floating Rate Trust Receipts, Ser. PMD-10, COP, FRDO, 3.47%, 03/01/01 4,900 1,600 New York City, New York, Transitional Finance Authority, Floating Rate Trust Receipts, Ser. 95, Rev., FRDO, 3.47%, 03/01/01 1,600 6,000 New York City, New York, Transitional Finance Authority, Floating Rate Trusts Receipts, Ser. L-3, Regulation D, Rev., FRDO, 3.30%, 03/06/01 6,000 29,900 New York City, New York, Transitional Finance Authority, Floating Rate Trusts Receipts, Ser. N-4, Regulation D, Rev., FRDO, 3.30%, 03/06/01 29,900 9,610 New York City, New York, Transitional Finance Authority, Future Tax Secured, Ser. A, Rev., FRDO, 2.90%, 03/07/0 9,610 1,940 New York City, New York, Transitional Finance Authority, Future Tax Secured, Ser. A-1, Rev., FRDO, 2.90%, 03/07/01 1,940 44,300 New York City, New York, Transitional Finance Authority, Future Tax Secured, Ser. A-2, Rev., FRDO, 2.95%, 03/07/01 44,300 3,000 New York City, New York, Transitional Finance Authority, Future Tax Secured, Ser. C, Rev., FRDO, 3.05%, 03/01/01 3,000 2,250 New York City, New York, Transitional Finance Authority, Future Tax Secured, Sub. Ser. B-2, Rev., FRDO, 3.05%, 03/01/01 2,250 2,710 New York City, New York, Transitional Finance Authority, Future Tax Secured, Sub. Ser. B-3, Rev., FRDO, 2.90%, 03/07/01 2,710 7,400 New York City, New York, Trust Cultural Resources, American Museum of Natural History, Ser. B, Rev., FRDO, 2.80%, 03/07/01 7,400 2,672 New York City, New York, Trust Cultural Resources, Carnegie Hall, Rev., FRDO, 3.00%, 03/07/01 2,672 See notes to financial statements. 49 JPMorgan New York Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- New York -- Continued $ 1,600 New York City, New York, Trust Cultural Resources, Ser. 162, Rev., FRDO, 3.47%, 03/01/01 $ 1,600 8,865 New York State, Commissioner of General Services Executive Department, +, COP, 4.00%, 03/01/02 8,920 3,400 New York State, Dorm Authority, Beaverwyck Inc., Rev., FRDO, 2.90%, 03/07/01 3,400 12,400 New York State, Dorm Authority, Columbia University, Ser. A, Rev., FRDO, 3.70%, 03/01/01 12,400 9,645 New York State, Dorm Authority, FLOATS, Ser. PA-409, Rev., FRDO, 3.37%, 03/01/01 9,645 13,870 New York State, Dorm Authority, FLOATS, Ser. PA-419, Rev., FRDO, 3.37%, 03/01/01 13,870 3,545 New York State, Dorm Authority, FLOATS, Ser. PA-449, Rev., FRDO, 3.37%, 03/01/01 3,545 9,340 New York State, Dorm Authority, FLOATS, Ser. PA-541, Rev., FRDO, 3.37%, 03/01/01 9,340 3,000 New York State, Dorm Authority, FLOATS, Ser. PA-640, Rev., FRDO, 3.37%, 03/01/01 3,000 990 New York State, Dorm Authority, FLOATS, Ser. PT-130, Rev., FRDO, 3.37%, 03/01/01 990 2,900 New York State, Dorm Authority, FLOATS, Ser. PT-1067, Rev., FRDO, 3.37%, 03/01/01 2,900 5,770 New York State, Dorm Authority, New York Public Library, Ser. A, Rev., FRDO, 2.95%, 03/07/01 5,770 3,100 New York State, Dorm Authority, New York Public Library, Ser. B, Rev., FRDO, 2.95%, 03/07/01 3,100 8,345 New York State, Energy Research & Development Authority, Facilities, FLOATS, Ser. PA-411, Rev., FRDO, 3.37%, 03/01/01 8,345 5,000 New York State, Energy Research & Development Authority, PCR, Annual Tender, New York State Electric & Gas, Rev., FRDO, 4.20%, 03/15/01 5,000 6,600 New York State, Energy Research & Development Authority, PCR, New York Electric & Gas, Ser. D. Rev., FRDO, 3.05%, 03/01/01 6,600 7,760 New York State, Energy Research & Development Authority, PCR, Niagara Mohawk Power Corp. Project, Ser. A, Rev., FRDO, 2.95%, 03/01/01 7,760 22,900 New York State, Energy Research & Development Authority, PCR, Niagara Mohawk Power Corp. Project, Ser. A, Rev., FRDO, 3.25%, 03/01/01 22,900 6,800 New York State, Energy Research & Development Authority, PCR, Niagara Mohawk Power Corp. Project, Ser. C, Rev., FRDO, 3.00%, 03/01/01 6,800 18,600 New York State, Energy Research & Development Authority, PCR, Orange & Rockland Utilities Project, Ser. A, Rev., FRDO, 2.80%, 03/07/01 18,600 3,500 New York State, Energy Research & Development Authority, PCR, Rochester Gas & Electric Corp., Ser. B, Rev., FRDO, 2.90%, 03/07/01 3,500 1,300 New York State, Energy Research & Development Authority, PCR, Rochester Gas & Electric Corp., Ser. C, Rev., FRDO, 2.80%, 03/07/01 1,300 See notes to financial statements. 50 JPMorgan New York Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- New York -- Continued $ 1,200 New York State, Environmental Facilities Corp., OFS Equity Huntington Project, Rev., FRDO, 3.05%, 03/01/01 $ 1,200 3,675 New York State, Environmental Facilities Corp., PCR, State Water Revolving Fund, Ser. E, Rev., ^, 6.88%, 06/15/01 3,773 37,050 New York State, Housing Finance Agency, 101 West End Ave. Housing, Ser. A, Rev., FRDO, 3.00%, 03/07/0 37,050 26,000 New York State, Housing Finance Agency, 150 East 44th Street Housing, Ser. A, Rev., FRDO, 3.00%, 03/07/01 26,000 5,100 New York State, Housing Finance Agency, 345 East 94th Street Housing, Ser. A, Rev., FRDO, 2.90%, 03/07/01 5,100 1,850 New York State, Housing Finance Agency, 363 West 30th Street Housing, Ser. A, Rev., FRDO, 3.00%, 03/07/01 1,850 2,495 New York State, Housing Finance Agency, FLOATS, Ser. PA-143, Rev., FRDO, 3.49%, 03/01/01 2,495 8,820 New York State, Housing Finance Agency, FLOATS, Ser. PA-423, Rev., FRDO, 3.51%, 03/01/01 8,820 1,000 New York State, Housing Finance Agency, Multi-Family Housing, Liberty View, Ser. A, Rev., FRDO, 2.95%, 03/07/01 1,000 1,600 New York State, Housing Finance Agency, Multi-Family Housing, Ser. A, Rev., FRDO, 3.00%, 03/07/01 1,600 3,300 New York State, Housing Finance Agency, Multi-Family Housing, Ser. A, Rev., FRDO, 3.20%, 03/07/01 3,300 19,000 New York State, Housing Finance Agency, Normandie Court I Project, Rev., FRDO, 2.85%, 03/07/01 19,000 5,100 New York State, Housing Finance Agency, Residential, Ser. A, Rev., FRDO, 3.20%, 03/07/01 5,100 28,500 New York State, Housing Finance Agency, Saxony Housing, Rev., FRDO, 3.00%, 03/07/01 28,500 23,000 New York State, Housing Finance Agency, Ser. A, Rev., FRDO, 3.00%, 03/07/01 23,000 2,000 New York State, Housing Finance Agency, Service Contract Obligation, Ser. A, Rev., FRDO, 2.90%, 03/07/01 2,000 10,000 New York State, Housing Finance Agency, Theatre Row Tower, Ser. A, Rev., FRDO, 3.00%, 03/07/01 10,000 21,900 New York State, Housing Finance Agency, Tribeca, Ser. A, Rev., FRDO, 3.00%, 03/07/01 21,900 5,000 New York State, Housing Finance Agency, Worth Street, Housing, Ser. A, Rev., FRDO, 3.20%, 03/07/01 5,000 6,620 New York State, Job Development Authority, Ser. A-1 through A-42, Rev., FRDO, 3.10%, 03/01/01 6,620 See notes to financial statements. 51 JPMorgan New York Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- New York -- Continued $ 8,330 New York State, Job Development Authority, Ser. B-1 through B-21, Rev., FRDO, 3.10%, 03/01/01 $ 8,330 5,800 New York State, Local Government Assistance Corp., Floating Rate Receipts, Ser. SG-99, Rev., FRDO, 3.37%, 03/01/01 5,800 14,925 New York State, Local Government Assistance Corp., FLOATS, Ser. PT-410, Rev., FRDO, 3.37%, 03/01/01 14,925 20,000 New York State, Local Government Assistance Corp., FLOATS, Ser. PT-1040, Rev., FRDO, 3.37%, 03/01/01 20,000 5,900 New York State, Local Government Assistance Corp., Municipal Securities Trust Receipts, Ser. SGA-59, Rev., FRDO, 3.20%, 03/01/01 5,900 12,085 New York State, Local Government Assistance Corp., Ser. A, Rev., ^, 7.25%, 04/01/01 12,356 24,275 New York State, Local Government Assistance Corp., Ser. A, Rev., FRDO, 2.90%, 03/07/01 24,275 1,030 New York State, Local Government Assistance Corp., Ser. B, Rev., ^, 7.13%, 04/01/01 1,053 4,240 New York State, Local Government Assistance Corp., Ser. B, Rev., ^, 7.25%, 04/01/01 4,335 7,900 New York State, Local Government Assistance Corp., Ser. B, Rev., ^, 7.50%, 04/01/01 8,079 8,400 New York State, Local Government Assistance Corp., Ser. B, Rev., FRDO, 2.90%, 03/07/01 8,400 3,800 New York State, Local Government Assistance Corp., Ser. C, Rev., FRDO, 2.85%, 03/07/01 3,800 3,300 New York State, Local Government Assistance Corp., Ser. D, Rev., FRDO, 2.85%, 03/07/01 3,300 15,500 New York State, Local Government Assistance Corp., Ser. F, Rev., FRDO, 2.90%, 03/07/01 15,500 2,000 New York State, Local Government Assistance Corp., Ser. G, Rev., FRDO, 2.75%, 03/07/01 2,000 12,125 New York State, Medical Care Facilities, Finance Agency, FLOATS, Ser. PA-72, Rev., FRDO, 3.37%, 03/01/01 12,125 3,640 New York State, Medical Care Facilities, Finance Agency, FLOATS, Ser. PA-82, Rev., FRDO, 3.51%, 03/01/01 3,644 9,700 New York State, Medical Care Facilities, Finance Agency, FLOATS, Ser. PA-113, Rev., FRDO, 3.37%, 03/01/01 9,700 4,420 New York State, Medical Care Facilities, Finance Agency, FLOATS, Ser. PA-408, Rev., FRDO, 3.37%, 03/01/01 4,420 6,765 New York State, Medical Care Facilities, Finance Agency, FLOATS, Ser. PT-17, Rev., FRDO, 3.37%, 03/01/01 6,765 8,425 New York State, Medical Care Facilities, Finance Agency, FLOATS, Ser. PT-100, Rev., FRDO, 3.37%, 03/01/01 8,425 See notes to financial statements. 52 JPMorgan New York Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- New York -- Continued $ 4,765 New York State, Medical Care Facilities, Finance Agency, FLOATS, Ser. PT-109, Rev., FRDO, 3.37%, 03/01/01 $ 4,765 8,355 New York State, Medical Care Facilities, Finance Agency, FLOATS, Ser. PT-145A, Rev., FRDO, 3.37%, 03/01/01 8,355 2,500 New York State, Mortgage Agency, FLOATS, Ser. PA-628, Rev., FRDO, 3.40%, 03/01/01 2,500 11,165 New York State, Mortgage Agency, FLOATS, Ser. PA-657, Rev., FRDO, 3.37%, 03/01/01 11,165 3,230 New York State, Mortgage Agency, FLOATS, Ser. PT-217, Rev., FRDO, 3.40%, 03/01/01 3,230 4,720 New York State, Mortgage Agency, FLOATS, Ser. PT-260, Rev., FRDO, 4.45%, 03/07/01 4,720 8,165 New York State, Mortgage Agency, FLOATS, Ser. PT-322, Rev., FRDO, 4.30%, 03/01/01 8,165 6,110 New York State, Mortgage Agency, FLOATS, Ser. PT-1190, Rev., FRDO, 3.37%, 03/01/01 6,110 810 New York State, Mortgage Agency, Homeowner Mortgage, Ser. 91, Rev., 4.15%, 04/01/01 810 210 New York State, Mortgage Agency, Homeowner Mortgage, Ser. 93, Rev., 4.15%, 04/01/01 210 7,000 New York State, Ser. A, GO, FRDO, 3.20%, 03/07/01 7,000 52,405 New York State, Thruway Authority, Floating Rate Receipts, Ser. SGA-119, FRDO, 3.25%, 03/01/01 52,406 11,415 New York State, Thruway Authority, FLOATS, Ser. PA-532, Rev., FRDO, 3.37%, 03/01/01 11,415 1,030 New York State, Thruway Authority, Municipal Securities Trust Receipts, Ser. SGA-66, Rev., FRDO, 3.12%, 03/07/01 1,030 1,300 New York State, Thruway Authority, Rev., FRDO, 3.00%, 03/01/01 1,300 1,000 Niagara County, New York, IDA, Solid Waste Disposal, American Refunding, Fuel Co., Ser. A, Rev., FRDO, 2.95%, 03/07/01 1,000 1,000 Niagara County, New York, IDA, Solid Waste Disposal, American Refunding, Fuel Co., Ser. B, Rev., FRDO, 3.05%, 03/07/01 1,000 4,995 Niagara Falls, New York, Bridge Commission, FLOATS, Ser. PA-530, Rev., FRDO, 3.37%, 03/01/01 4,995 10,300 Niagara Falls, New York, Bridge Commission, Ser. A, Rev., FRDO, 2.80%, 03/07/01 10,300 7,000 North Babylon, New York, Union Free School District, GO, TAN, @, 5.00%, 06/28/01 7,007 7,017 North Hempstead, New York, GO, BAN, 5.00%, 07/26/01 7,031 4,000 Northern Adironadack Central School District, Ellenburg, New York, GO, BAN, 5.00%, 07/06/01 4,005 5,000 Ogdensburg, New York, Enlarged City School District, GO, RAN, 5.00%, 06/29/01 5,005 4,500 Oneonta, New York, City School District, GO, RAN, 5.00%, 06/15/01 4,503 See notes to financial statements. 53 JPMorgan New York Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- New York -- Continued $10,000 Onondaga County, New York, IDA, Solid Waste Disposal Facilities, Solvay Paperboard Project, Ser. A, FRDO, 4.25%, 12/06/01 $ 10,000 8,000 Oyster Bay, New York, Ser. A, BAN, 3.75%, 01/25/02 8,019 1,780 Panama, New York, Central School District, GO, BAN, 5.00%, 08/15/01 1,783 8,000 Phelps-Clifton Springs, New York, Central School District, GO, BAN, 4.60%, 12/19/01 8,005 3,405 Port Authority of New York & New Jersey, FLOATS, Ser. PA-518, Rev., FRDO, 3.32%, 03/01/01 3,405 1,305 Port Jervis, New York, IDA, The Future Home Tech Inc., Rev., FRDO, 3.25%, 03/07/01 1,305 2,455 Pulaski, New York, Central School District, GO, RAN, 5.00%, 06/29/01 2,458 12,658 Riverhead, New York, Central School District, 4th Ser., GO, BAN, @, 4.50%, 10/02/01 12,667 2,900 Riverhead, New York, Central School District, GO, BAN, 5.00%, 10/02/01 2,908 5,025 Riverhead, New York, Central School District, GO, TAN, 5.00%, 06/22/01 5,029 5,000 Rochester, New York, GO, BAN, @, 4.75%, 03/07/01 5,000 725 Rockland County, New York, IDA, IDR, X Products Corp. Project, Rev., FRDO, 3.50%, 03/01/01 725 2,120 Rockland County, New York, IDA, Shock Technical Inc. Project, Rev., FRDO, 3.25%, 03/07/01 2,120 10,000 Rome, New York, City School District, GO, RAN, @, 5.00%, 06/29/01 10,007 10,958 Rondout Valley Central School District, Accord, New York, GO, BAN, 4.75%, 03/15/01 10,959 4,635 Roosevelt, New York, Union Free School District, GO, TAN, 5.25%, 06/28/01 4,637 12,215 Schenectady, New York, City School District, GO, RAN, @, 5.50%, 06/29/01 12,225 3,450 Sidney, New York, Central School District, GO, BAN, 4.75%, 06/29/01 3,453 852 Sodus, New York, Central School District, GO, 4.40%, 06/15/01 853 4,500 South Colonie, New York, Central School District, GO, RAN, 5.00%, 06/29/01 4,506 2,500 South Country Central School District, Brookhaven, New York, GO, TAN, 5.00%, 06/26/01 2,503 3,954 South Jefferson, New York, Central School District, GO, RAN, 5.00%, 06/20/01 3,957 2,000 Southeast, New York, IDA, IDR, Unilock New York Inc. Project, Rev., FRDO, 3.30%, 03/07/01 2,000 2,700 St. Lawrence County, New York, IDA, PCR, Reynolds Metals, Rev., FRDO, 2.95%, 03/01/01 2,700 9,800 Steuben-Allegany Counties, New York, Board of Cooperative Educational Services, Sole Supervisory, GO, RAN, @, 4.65%, 06/29/01 9,806 3,207 Stillwater, New York, Central School District, GO, BAN, 5.00%, 06/18/01 3,213 See notes to financial statements. 54 JPMorgan New York Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- New York -- Continued $ 4,000 Suffolk County, New York, IDA, Civic Facilities, Guide Dog Foundation Inc., Rev., FRDO, 3.40%, 03/01/01 $ 4,000 2,700 Suffolk County, New York, Water Authority, Rev., FRDO, BAN, 2.90%, 03/07/01 2,700 900 Tompkins-Seneca-Tioga, New York, Board of Cooperative Educational Services, Sole Supervisory District, GO, RAN, 4.25%, 06/29/01 901 5,300 Tompkins-Seneca-Tioga, New York, Board of Cooperative Educational Services, Sole Supervisory District, GO, RAN, 4.38%, 06/29/01 5,305 6,400 Tompkins-Seneca-Tioga, New York, Board of Cooperative Educational Services, Sole Supervisory District, GO, RAN, @, 5.00%, 06/29/01 6,406 55,100 Triborough Bridge & Tunnel Authority, New York, Floating Rate Trust Receipts, Ser. N-15, Regulation D, Rev., FRDO, 3.10%, 03/07/01 55,101 4,115 Triborough Bridge & Tunnel Authority, New York, FLOATS, Ser. PA-200, Rev., FRDO, 3.37%, 03/01/01 4,115 4,995 Triborough Bridge & Tunnel Authority, New York, FLOATS, Ser. PA-665, Rev., FRDO, 3.40%, 03/01/01 4,995 4,200 Triborough Bridge & Tunnel Authority, New York, FLOATS, Ser. SG-41, Rev., FRDO, 3.37%, 03/01/01 4,200 33,980 Triborough Bridge & Tunnel Authority, New York, General Purpose, Ser. C, Rev., FRDO, 3.15%, 03/01/01 33,980 10,000 Triborough Bridge & Tunnel Authority, New York, Special Obligation, Ser. B, Rev., FRDO, 3.00%, 03/07/01 10,000 15,100 Triborough Bridge & Tunnel Authority, New York, Special Obligation, Ser. C, Rev., FRDO, 2.80%, 03/07/01 15,100 21,100 Triborough Bridge & Tunnel Authority, New York, Special Obligation, Ser. D, Rev., FRDO, 2.80%, 03/07/01 21,100 4,050 Tully, New York, Central School District, GO, RAN, 5.00%, 06/29/01 4,056 5,000 Utica, New York, City School District, GO, RAN, 5.00%, 06/26/01 5,005 2,663 Utica, New York, City School District, Ser. A, GO, BAN, 3.75%, 02/15/02 2,669 6,000 VRDC/IVRC Trust, Tax Exempt, Ser. 93-C, Rev., FRDO, #, 3.15%, 03/07/01 6,000 2,500 Wayandanch, New York, Union, Free School District, GO, TAN, 4.90%, 06/28/01 2,504 3,878 Wayland-Cohocton, New York, Central School District, GO, BAN, 3.25%, 01/25/02 3,889 4,050 Westchester County, New York, IDA, Civic Facility, Northern Westchester Hospital, Rev., FRDO, 3.00%, 03/07/01 4,050 5,000 William Floyd, Union Free School District, Mastics-Moricher-Shirley, GO, BAN, 3.63%, 06/22/01 5,003 See notes to financial statements. 55 JPMorgan New York Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- New York -- Continued $ 8,000 Yonkers, New York, IDA, Civic Facility, Sarah Lawrence College Project, Rev., FRDO, 2.90%, 03/07/01 $ 8,000 ---------- 2,213,078 ------------------------------------------------------------------ Total Investments -- 99.9% $2,218,487 (Cost $2,218,487)* ------------------------------------------------------------------ See notes to financial statements. 56 - -------------------------------------------------------------------------------- JPMorgan California Tax Free Money Market Fund Portfolio of Investments As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- 100.0% - -------------------------------------------------------------------------------- California -- 82.8% $3,190 Alameda County, California, Multi-Family Housing, Quail, Ser. A, Rev., FRDO, 1.85%, 03/07/01 $ 3,190 800 Alameda-Contra Costa, California, School Financing Authority, Capital Improvements Financing Projects, Ser. I, COP, FRDO, 2.70%, 03/01/01 800 345 Anaheim, California, Electric, Rev., 4.50%, 10/01/01 348 1,000 California Community College Financing Authority, Ser. B, Rev., TRAN, @, 5.00%, 08/03/01 1,003 150 California Educational Facilities Authority, FLOATS, Ser. PA-542, Rev., FRDO, 2.87%, 03/01/01 150 500 California Educational Facilities Authority, University of San Francisco, Rev., FRDO, 2.00%, 03/07/01 500 1,700 California Housing Finance Agency, FLOATS, Ser. PA-539R, Rev., FRDO, 2.87%, 03/01/01 1,700 1,000 California Housing Finance Agency, Home Mortgage, Ser. W, Rev., 3.90%, 10/01/01 1,000 100 California Housing Finance Agency, Multi-Family Housing, Ser. A, Rev., FRDO, 1.85%, 03/07/01 100 1,000 California Housing Finance Agency, Ser. II-R-44, Rev., FRDO, 2.82%, 03/01/01 1,000 1,610 California Infrastructure & Economic Development, IDR, Pleasant Mattress Inc. Project, Ser. A, Rev., FRDO, 2.40%, 03/07/01 1,610 100 California PCFA, PCR, Shell Oil Co. Project, Ser. B, Rev., FRDO, 1.45%, 03/01/01 100 100 California PCFA, Solid Waste Disposal, Gilton Solid Waste Management, Ser. A, Rev., FRDO, 2.65%, 03/01/01 100 450 California State, Department of Water Resources, Central Valley Project, Water Systems, Ser. J-2, Rev., ^, 6.00%, 06/01/01 460 300 California State, Economic Development Financing Authority, Airport Facilities, Mercury Air Group, Rev., FRDO, 2.65%, 03/01/01 300 700 California State, Economic Development Financing Authority, IDR, Coast Grain Co. Project, Rev., FRDO, 2.70%, 03/01/01 700 2,000 California State, Economic Development Financing Authority, IDR, Provena Foods Inc. Project, Rev., FRDO, 2.45%, 03/07/01 2,000 1,700 California State, Economic Development Financing Authority, IDR, Standard Abrasives Manufacturing Project, Rev., FRDO, 2.40%, 03/07/01 1,700 400 California State, Economic Development Financing Authority, IDR, Volk Enterprises Inc. Project, Rev., FRDO, 2.55%, 03/01/01 400 2,000 California State, Floating Rate Receipts, Ser. SG-85, FRDO, 2.92%, 03/01/01 2,000 495 California State, FLOATS, Ser. PA-464, GO, FRDO, 2.97%, 03/01/01 495 1,000 California State, FLOATS, Ser. PA-779-R, GO, FRDO, 2.97%, 03/01/01 1,000 800 California State, FLOATS, Ser. PT-1070, GO, FRDO, 2.92%, 03/01/01 800 See notes to financial statements. 57 JPMorgan California Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- California -- Continued $ 900 California State, FLOATS, Ser. PT-1072, GO, FRDO, 2.92%, 03/01/01 $ 900 400 California State, Municipal Securities Trust Receipts, Ser. SGA-119, GO, FRDO, 1.70%, 03/01/01 400 1,000 California State, Municipal Securities Trust Receipts, Ser. SGA-40, GO, FRDO, 2.00%, 03/07/01 1,000 2,800 California State, Municipal Securities Trust Receipts, Ser. SGA-55, GO, FRDO, 2.00%, 03/07/01 2,800 200 California State, Public Works Board Lease, Department of Corrections, State Prisons, Ser. A, Rev., 5.00%, 12/01/01 202 2,000 California State, Ser. L, Class A, 2.97%, 03/01/01 2,000 400 California Statewide Communities Development Authority, IDR, Del Mesa Farms Project, Ser. A, Rev., FRDO, 2.65%, 03/01/01 400 1,000 California Statewide Communities Development Authority, Ser. A, Rev., TRAN, 5.25%, 06/29/01 1,003 2,400 California Statewide Communities Development Authority, Ser. N-6, Regulation D, Rev., FRDO, 2.75%, 03/07/01 2,400 1,000 Carlsbad, California, Unified School District, School Facilities Bridge Funding Project, COP, FRDO, 2.60%, 03/01/01 1,000 655 Chula Vista, California, Ser. A, COP, 4.25%, 09/01/01 656 245 Citrus Heights, California, Water District, COP, 4.00%, 10/01/01 245 200 Contra Costa County, California, Ser. A, GO, TRAN, 5.25%, 10/01/01 203 1,400 Foothill-de Anza, California, Community College District, Ser. 473-X, GO, FRDO, 3.00%, 03/01/01 1,400 100 Irvine Ranch, California, Water District, Consolidated Bonds, Rev., FRDO, 1.50%, 03/01/01 100 100 Irvine Ranch, California, Water District, Consolidated Bonds, Rev., FRDO, Consolidated Bonds, Rev., FRDO, 1.50%, 03/01/01 100 200 Irvine Ranch, California, Water District, Consolidated Improvement Districts, GO, FRDO, 1.65%, 03/01/01 200 400 Irvine, California, Improvement Bond Act of 1915, Assessment District No. 94-13, Special Assessment, FRDO, 1.50%, 03/01/01 400 400 Irvine, California, Improvement Bond Act of 1915, Assessment District No. 97-16, Rev., FRDO, 1.50%, 03/01/01 400 1,215 Los Angeles County, California, Harbor Department, Ser. B, Rev., @, 5.00%, 08/01/01 1,221 590 Los Angeles County, California, Housing Authority, Multi-Family Housing, Ser. A, Rev., FRDO, 2.10%, 03/06/01 590 100 Los Angeles County, California, Metropolitan Transportation Authority, Proposition C, Second Ser., Ser. A, Rev., FRDO, 2.50%, 03/01/01 100 See notes to financial statements. 58 JPMorgan California Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- California -- Continued $2,000 Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax Revenue, Floating Rate Receipts, Ser. SG-54, FRDO, 2.87%, 03/01/01 $ 2,000 400 Los Angeles County, California, Public Works Financing Authority, Regulation Park & Open Space District, Ser. A, Rev., 5.00%, 10/01/01 403 1,410 Los Angeles County, California, Regional Airports Improvement Corporation Lease, American Airlines, Los Angeles International Airport, Ser. E, Rev., FRDO, 3.15%, 03/01/01 1,410 1,000 Los Angeles County, California, Schools Pooled Financing Program, Pooled Transportation, Ser. A, COP, GO, 5.00%, 07/02/01 1,002 160 Los Angeles County, California, Wastewater Systems, Ser. C, Rev., 4.50%, 06/01/01 160 220 Los Angeles, California, Community Redevelopment Agency, Community Redevelopment Financing Authority, Pooled Financing, Monterey, Ser. E, Rev., 4.50%, 09/01/01 221 1,000 Los Angeles, California, Department of Water & Power, Waterworks, Rev., FRDO, 3.75%, 05/17/01 1,000 500 Metropolitan Water District, Southern California, Waterworks, Rev., 5.10%, 07/01/01 501 500 Metropolitan Water District, Southern California, Waterworks, Ser. B, GO, +, 3.00%, 03/01/02 501 485 Milpitas, California, Public Financing Authority, COP, 4.13%, 11/01/01 486 1,000 Monrovia, California, Unified School District, Municipal Securities Trust Receipt, Ser. SGA-70, Rev., FRDO, 2.00%, 03/07/01 1,000 1,000 Moreno Valley, California, Unified School District, TRAN, 4.75%, 08/15/01 1,003 5,280 Municipal Securities Trust Certificates, Ser. 1998-47, Class A, Rev., FRDO, #, 2.00%, 03/07/01 5,279 500 Newport Beach, California, Hoagan Memorial Hospital, Ser. A, Rev., FRDO, 1.55%, 03/01/01 500 400 Newport Beach, California, Hoagan Memorial Hospital, Ser. B, Rev., FRDO, 1.55%, 03/01/01 400 1,500 Newport Beach, California, Hoagan Memorial Hospital, Ser. C, Rev., FRDO, 1.55%, 03/01/01 1,500 1,000 Oakland-Alameda County, California, Coliseum Authority, Coliseum Project, Ser. C-1, Rev., FRDO, 2.05%, 03/07/01 1,000 100 Ontario, California, Redevelopment Agency, IDR, Safariland Project, Rev., FRDO, 3.25%, 03/07/01 100 400 Ontario, California, Redevelopment Agency, Multi-Family Housing, Seasons at Gateway, Sub. Ser. B, Rev., FRDO, 2.20%, 03/07/01 400 949 Orange County, California, Apartment Development, Niguel Summit 2, Ser. B, Rev., FRDO, 2.20%, 03/06/01 949 See notes to financial statements. 59 JPMorgan California Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- California -- Continued $ 300 Orange County, California, Sanitation Districts No. 1-3, 5-7 & 11, COP, FRDO, 1.50%, 03/01/01 $ 300 200 Orange County, California, Sanitation Districts, Ser. A, COP, FRDO, 1.50%, 03/01/01 200 1,355 Oxnard, California, Industrial Development Financing Authority, IDR, Accurate Engineering Project, Rev., FRDO, 2.40%, 03/07/01 1,355 1,500 Pasadena, California, Rose Bowl Improvements Project, COP, FRDO, 1.90%, 03/07/01 1,500 450 Petaluma, California, City School District, GO, TRAN, 5.00%, 07/05/01 451 700 Riverside County, California, IDA, Design Time Inc. Project, Ser. A-I, Rev., FRDO, 2.35%, 03/07/01 700 500 Riverside County, California, Riverside County Public Facilities, Ser. C, COP, FRDO, 2.00%, 03/06/01 500 200 Sacramento, California, Municipal Utility District, Ser.L, Rev., 5.00%, 07/01/01 201 550 San Bernardino County, California, Housing Authority, Multi-Family Housing, Victoria Terrace Project, Ser. A, Rev., FRDO, 2.60%, 03/01/01 550 90 San Bernardino County, California, IDA, Aqua-Service, Rev., FRDO, 3.20%, 03/07/01 90 80 San Bernardino County, California, IDA, Master Halco Inc., Ser. II, Rev., FRDO, 3.25%, 03/06/01 80 1,000 San Diego County, California, 3.90%, 03/07/01 1,000 300 San Diego County, California, Multi-Family Housing, Issue A, Rev., FRDO, 2.55%, 03/01/01 300 300 San Francisco, California, City & County, Affordable Housing, Ser. D, GO, 7.38%, 06/15/01 303 300 San Francisco, California, City & County, Redevelopment Agency, Multi-Family Housing, 3rd & Mission, Ser. C, Rev., FRDO, 1.95%, 03/07/01 300 390 San Francisco, California, State Building Authority Lease, Civic Center Complex, Ser. A, Rev., 4.30%, 12/01/01 394 300 San Jose, California, Unified School District, Santa Clara County, Ser. B, GO, 4.20%, 08/01/01 300 500 Santa Ana, California, Housing Authority, Multi-Family Housing, Vintage Apartments, Ser. A, Rev., FRDO, 2.75%, 03/01/01 500 600 Santa Ana, California, Unified School District, COP, FRDO, 1.90%, 03/07/01 600 625 Santa Clara County-El Camino, California, Hospital District, Hospital Facilities Authority, ACES, Lease, Valley Medical Center Project, Ser. B, Rev., FRDO, 2.50%, 03/06/01 625 490 Santa Cruz County, California, Redevelopment Agency, Live Oak/Soquel Project, Tax Allocation, 4.25%, 09/01/01 491 460 Sonoma Valley, California, Unified School District, GO, 10.00%, 08/01/01 471 600 Three Valleys Municipal Water District, California, Miramar Water Treatment, COP, FRDO, 2.35%, 03/07/01 600 See notes to financial statements. 60 JPMorgan California Tax Free Money Market Fund - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) As of February 28, 2001 (unaudited) (Amounts in Thousands) Principal Amount Issuer Value - -------------------------------------------------------------------------------- Municipal Securities -- Continued - -------------------------------------------------------------------------------- California -- Continued $ 600 Tustin, California, Improvement Bond Act of 1915, Reassessment District No. 95-2-A, Special Assessment, FRDO, 1.50%, 03/01/01 $ 600 425 Upland, California, Community Redevelopment Agency, Multi-Family Housing, Northwoods Project, Ser. 168-A, Rev., FRDO, 2.65%, 03/01/01 425 1,500 Vacaville, California, Multi-Family Mortgage, Quail Run, Ser. A, Rev., 1.85%, 03/07/01 1,500 ------- 73,327 Louisiana -- 1.0% 900 Louisiana Public Facilities Authority, Industrial Development, Kenner Hotel, Rev., FRDO, 3.00%, 03/01/01 900 Puerto Rico -- 16.2% 2,000 Municipal Securities Trust Certificates, Ser. 2000-103, Class A, Special Obligation, FRDO, #, 2.90%, 03/06/01 2,000 700 Municipal Securities Trust Certificates, Ser. 2000-91, Class A, Rev., FRDO, 1.70%, 03/01/01 700 600 Puerto Rico Commonwealth, FLOATS, Ser. PA-472, Rev., FRDO, 2.87%, 03/01/01 600 1,000 Puerto Rico Commonwealth, FLOATS, Ser. PA-625, GO, FRDO, 2.87%, 03/01/01 1,000 1,000 Puerto Rico Commonwealth, FLOATS, Ser. PT-1025, GO, FRDO, 2.87%, 03/01/01 1,000 1,500 Puerto Rico Commonwealth, FLOATS, Ser. PT-1226, 2.87%, 03/01/01 1,500 600 Puerto Rico Commonwealth, GO, 5.50%, 07/01/01 603 200 Puerto Rico Commonwealth, Public Improvements, Ser. B, GO, 5.00%, 07/01/01 201 1,722 Puerto Rico Government Development Bank, 3.00%, 09/12/01 1,722 1,000 Puerto Rico Government Development Bank, 3.00%, 09/21/01 1,000 3,000 Puerto Rico Government Development Bank, 3.30%, 05/30/01 3,000 1,000 Puerto Rico, Electric Power Authority, Ser. P, Rev., 7.00%, 07/01/01 1,032 ------- 14,358 - -------------------------------------------------------------------------------- Total Investments -- 100.0% $88,585 (Cost $88,585)* - -------------------------------------------------------------------------------- See notes to financial statements. 61 JPMorgan Money Market Funds - -------------------------------------------------------------------------------- Portfolio of Investments (Continued) INDEX: * -- The cost of securities is substantially the same for federal income tax purposes. # -- Security may only be sold to qualified institutional buyers. ^ -- Security is prerefunded or escrowed to maturity. The maturity date shown is the date of the prerefunded call. + -- When issued or delayed delivery security. @ -- All or portion of this security is segregated for when issued or delayed delivery securities. ACES -- Auction Rate Securities. BAN -- Bond Anticipation Notes. COP -- Certificates of Participation. DN -- Discount Note: The rate shown is the effective yield at the date of purchase. Eagles -- Earnings of accrual generated on local exempt securities. ECN -- Extendible Commercial Note. The maturity date shown is the call date. The interest rate shown is the effective yield at the date of purchase. FHLMC -- Federal Home Loan Mortgage Corporation. FLOATS -- Floating Auction Tax Exempts. FNMA -- Federal National Mortgage Association. 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. FRN -- Floating Rate Note. The maturity date shown is the actual maturity date. The rate shown is the rate in effect at February 28, 2001. GIC -- Guaranteed Insurance Contract. GO -- General Obligation. IDA -- Industrial Development Authority. IDR -- Industrial Development Revenue. MTN -- Medium Term Note. PCFA -- Pollution Control Financing Authority. PCR -- Pollution Control Revenue. PUTTERS -- Putable Tax Exempt Receipts. RAN -- Revenue Anticipation Notes. Rev. -- Revenue Bond. Ser. -- Series. SUB -- Step-Up Bond. The maturity date shown is the earlier of the next interest rate reset date or the call date. The interest rate shown is the rate in effect at February 28, 2001. TAN -- Tax Anticipation Notes. TRAN -- Tax & Revenue Anticipation Notes. USTR -- United States Treasury Notes, Bonds and Bills. See notes to financial statements. 62 - -------------------------------------------------------------------------------- JPMorgan Funds Statement of Assets and Liabilities As of February 28, 2001 (unaudited) (Amounts in Thousands, Except Per Share Amounts)
100% U.S. Treasury U.S. Securities Government Treasury Plus Money Market Money Market Money Market Fund Fund Fund ============================================================================================= ASSETS: Investment securities, at value (Note 1) ................ $ 5,589,676 $ 8,880,807 $ 2,824,266 Other assets .................. 31 48 17 Receivables: Interest .................... 12,593 60,905 273 - --------------------------------------------------------------------------------------------- Total Assets ............ 5,602,300 8,941,760 2,824,556 - --------------------------------------------------------------------------------------------- LIABILITIES: Payables: To Custodian ................ 15 52 -- Investment securities purchased ................... -- 156,805 -- Dividends ................... 21,921 33,447 9,671 Accrued liabilities: (Note 2) Investment advisory fees .... 431 653 198 Administration fees ......... 259 327 119 Shareholder servicing fees .. 1,076 1,520 379 Distribution fees ........... 65 189 105 Custody fees ................ 78 112 27 Other ....................... 1,154 1,496 542 - --------------------------------------------------------------------------------------------- Total Liabilities ....... 24,999 194,601 11,041 - --------------------------------------------------------------------------------------------- NET ASSETS: Paid in capital ............... 5,576,507 8,747,160 2,813,618 Accumulated distributions in excess of net investment income (117) (2) (59) Accumulated net realized gain (loss) on investments ......... 911 1 (44) - --------------------------------------------------------------------------------------------- Net Assets .............. $ 5,577,301 $ 8,747,159 $ 2,813,515 - --------------------------------------------------------------------------------------------- Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized) Vista Shares .................. 3,722,298 3,955,740 1,391,162 Premier Shares ................ 132,158 1,083,142 347,882 Institutional Shares .......... 1,722,108 3,708,331 1,074,655 Net Asset Value, offering and redemption price per share (all classes) ................... $ 1.00 $ 1.00 $ 1.00 - --------------------------------------------------------------------------------------------- Cost of Investments ............. $ 5,589,676 $ 8,880,807 $ 2,824,266 =============================================================================================
See notes to financial statements. 63 - -------------------------------------------------------------------------------- JPMorgan Funds Statement of Assets and Liabilities As of February 28, 2001 (unaudited) (Amounts in Thousands, Except Per Share Amounts)
Federal Prime Tax Free Money Market Money Market Money Market Fund II Fund II Fund ============================================================================================== ASSETS: Investment securities, at value (Note 1) ...................... $ 1,893,759 $ 29,704,751 $ 1,776,577 Cash .......................... 1 146 70 Other assets .................. 7 143 12 Receivables: Interest .................... 6,762 116,304 14,566 Fund shares sold ............ -- 13 -- Expense Reimbursement from Distributor ................. 7 7 7 - ---------------------------------------------------------------------------------------------- Total Assets ............ 1,900,536 29,821,364 1,791,232 - ---------------------------------------------------------------------------------------------- LIABILITIES: Payables: Investment securities purchased ................... -- 70,252 10,000 Fund shares redeemed ........ -- 31 -- Dividends ................... 7,618 122,404 4,424 Accrued liabilities: (Note 2) Investment advisory fees .... 143 2,331 133 Administration fees ......... 143 2,096 133 Shareholder servicing fees .. 246 3,718 199 Distribution fees ........... 52 7 72 Custody fees ................ 38 204 31 Other ....................... 519 1,978 387 - ---------------------------------------------------------------------------------------------- Total Liabilities ....... 8,759 203,021 15,379 - ---------------------------------------------------------------------------------------------- NET ASSETS: Paid in capital ............... 1,891,793 29,619,699 1,776,363 Accumulated distributions in excess of net investment income (35) (258) (33) Accumulated net realized gain (loss) on investments ......... 19 (1,098) (477) - ---------------------------------------------------------------------------------------------- Net Assets .............. $ 1,891,777 $ 29,618,343 $ 1,775,853 - ---------------------------------------------------------------------------------------------- Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized) Vista Shares .................. 673,027 10,213,350 972,428 Premier Shares ................ 312,286 2,059,160 99,025 Institutional Shares .......... 906,471 17,334,106 704,931 Reserve Shares ................ 1 123 1 B Shares ...................... -- 12,496 -- C Shares ...................... -- 309 -- Net Asset Value, offering and redemption price per share (all classes) * ................. $ 1.00 $ 1.00 $ 1.00 - ---------------------------------------------------------------------------------------------- Cost of Investments $ 1,893,759 $ 29,704,751 $ 1,776,577 ==============================================================================================
* Redemption price for Class B and C Shares may be reduced by contigent deferred sales charge. See notes to financial statements. 64 - -------------------------------------------------------------------------------- JPMorgan Funds Statement of Assets and Liabilities As of February 28, 2001 (unaudited) (Amounts in Thousands, Except Per Share Amounts)
New York California Tax Free Tax Free Money Market Money Market Fund Fund ============================================================================================== ASSETS: Investment securities, at value Note 1) .............. $ 2,218,487 $ 88,585 Cash ................................................. -- 81 Other assets ......................................... 12 1 Receivables: Interest ........................................... 18,997 641 Expense Reimbursement from Distributor ............. 7 -- - ---------------------------------------------------------------------------------------------- Total Assets ................................... 2,237,503 89,308 - ---------------------------------------------------------------------------------------------- LIABILITIES: Payables: To Custodian ....................................... 266 -- Investment securities purchased .................... 9,641 502 Dividends .......................................... 4,976 170 Accrued liabilities: (Note 2) Investment advisory fees ........................... 163 7 Administration fees ................................ 82 7 Shareholder servicing fees ......................... 572 10 Distribution fees .................................. 65 3 Custody fees ....................................... 30 13 Other .............................................. 272 41 - ---------------------------------------------------------------------------------------------- Total Liabilities .............................. 16,067 753 - ---------------------------------------------------------------------------------------------- NET ASSETS: Paid in capital ...................................... 2,221,418 88,574 Accumulated undistributed/(distributions in excess of) net investment income ................................ 44 (3) Accumulated net realized loss on investments ......... (26) (16) - ---------------------------------------------------------------------------------------------- Net Assets ..................................... $ 2,221,436 $ 88,555 - ---------------------------------------------------------------------------------------------- Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized) Vista Shares ......................................... 2,221,519 88,573 Reserve Shares ....................................... 1 -- Net Asset Value, offering and redemption price per share (all classes) .................................... $ 1.00 $ 1.00 - ---------------------------------------------------------------------------------------------- Cost of Investments .................................... $ 2,218,487 $ 88,585 ==============================================================================================
See notes to financial statements. 65 - -------------------------------------------------------------------------------- JPMorgan Funds Statement of Operations For the six months ended February 28, 2001 (unaudited) (Amounts in Thousands)
100% U.S. Treasury U.S. Securities Government Treasury Plus Money Market Money Market Money Market Fund Fund Fund ======================================================================================= INTEREST INCOME: (Note 1C) ......... $156,444 $252,613 $ 79,151 - --------------------------------------------------------------------------------------- EXPENSES: (Note 2) Investment advisory fees ......... 2,556 3,960 1,257 Administration fees .............. 2,556 3,960 1,257 Shareholder servicing fees ....... 7,483 9,582 3,183 Distribution fees ................ 1,933 2,473 693 Custodian fees ................... 213 256 76 Printing and postage ............. 26 20 13 Professional fees ................ 50 72 37 Registration expenses ............ 511 179 195 Transfer agent fees .............. 401 293 119 Trustees' fees ................... 123 191 61 Other ............................ 82 133 126 - --------------------------------------------------------------------------------------- Total expenses ............. 15,934 21,119 7,017 - --------------------------------------------------------------------------------------- Less amounts waived (Note 2E) .... 2,818 3,388 1,229 Less earnings credits (Note 2F) .. 9 58 30 - --------------------------------------------------------------------------------------- Net expenses ............... 13,107 17,673 5,758 - --------------------------------------------------------------------------------------- Net investment income .... 143,337 234,940 73,393 - --------------------------------------------------------------------------------------- REALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on on investment transactions ....... 1,664 197 (8) - --------------------------------------------------------------------------------------- Net increase in net assets from operations .................. $145,001 $235,137 $ 73,385 =======================================================================================
See notes to financial statements. 66 - -------------------------------------------------------------------------------- JPMorgan Funds Statement of Operations For the six months ended February 28, 2001 (unaudited) (Amounts in Thousands)
Federal Prime Tax Free Money Market Money Market Money Market Fund II Fund II Fund ========================================================================================== INTEREST INCOME: (Note 1C) ............ $51,024 $ 733,308 $ 35,957 - ------------------------------------------------------------------------------------------ EXPENSES: (Note 2) Investment advisory fees ............ 806 11,286 866 Administration fees ................. 806 11,286 866 Shareholder servicing fees .......... 1,793 21,824 2,067 Distribution fees ................... 306 54 451 Custodian fees ...................... 91 634 116 Printing and postage ................ 8 158 23 Professional fees ................... 22 162 22 Registration expenses ............... 14 277 51 Transfer agent fees ................. 220 935 85 Trustees' fees ...................... 39 541 42 Other ............................... 2 1,173 144 - ------------------------------------------------------------------------------------------ Total expenses ................ 4,107 48,330 4,733 - ------------------------------------------------------------------------------------------ Less amounts waived (Note 2E) ....... 318 5,064 807 Less earnings credits (Note 2F) ..... 6 70 52 Less expense reimbursements (Note 2F) 11 11 11 - ------------------------------------------------------------------------------------------ Net expenses .................. 3,772 43,185 3,863 - ------------------------------------------------------------------------------------------ Net investment income ....... 47,252 690,123 32,094 - ------------------------------------------------------------------------------------------ REALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on on investment transactions .......... 75 (72) (23) - ------------------------------------------------------------------------------------------ Net increase in net assets from operations ..................... $47,327 $ 690,051 $ 32,071 ==========================================================================================
See notes to financial statements. 67 - -------------------------------------------------------------------------------- JPMorgan Funds Statement of Operations For the six months ended February 28, 2001 (unaudited) (Amounts in Thousands) New York California Tax Free Tax Free Money Market Money Market Fund Fund ================================================================================ INTEREST INCOME: (Note 1C) .................. $38,862 $ 1,616 - -------------------------------------------------------------------------------- EXPENSES: (Note 2) Investment advisory fees .................. 967 46 Administration fees ....................... 967 46 Shareholder servicing fees ................ 3,385 160 Distribution fees ......................... 967 46 Custodian fees ............................ 116 36 Printing and postage ...................... 8 1 Professional fees ......................... 23 16 Registration expenses ..................... 54 3 Transfer agent fees ....................... 186 9 Trustees' fees ............................ 47 2 Other ..................................... 90 6 - -------------------------------------------------------------------------------- Total expenses ...................... 6,810 371 - -------------------------------------------------------------------------------- Less amounts waived (Note 2E) ............. 1,064 115 Less earnings credits (Note 2F) ........... 31 4 Less expense reimbursements (Note 2F) ..... 11 -- - -------------------------------------------------------------------------------- Net expenses ........................ 5,704 252 - -------------------------------------------------------------------------------- Net investment income ............. 33,158 1,364 - -------------------------------------------------------------------------------- REALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on on investment transactions ................ 3 (2) - -------------------------------------------------------------------------------- Net increase in net assets from operations ........................... $33,161 $ 1,362 ================================================================================ See notes to financial statements. 68 JPMorgan Funds - -------------------------------------------------------------------------------- Statement of Changes in Net Assets For the periods indicated (unaudited) STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited) (Amounts in Thousands)
100% U.S. Treasury Securities U.S. Government Treasury Plus Money Market Money Market Money Market Fund Fund Fund ------------------------ ------------------------ ------------------------ 9/1/00 Year 9/1/00 Year 9/1/00 Year Through Ended Through Ended Through Ended 2/28/01 8/31/00 2/28/01 8/31/00 2/28/01 8/31/00 ==================================================================================================================================== INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ...................... $ 143,337 $ 214,942 $ 234,940 $ 400,842 $ 73,393 $ 142,715 Net realized gain (loss) on investments .... 1,664 183 197 25 (8) 7 - ------------------------------------------------------------------------------------------------------------------------------------ Increase in net assets from operations . 145,001 215,125 235,137 400,867 73,385 142,722 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ...................... (143,335) (214,925) (234,935) (400,848) (73,392) (142,713) Net realized gain on investment transactions (763) (200) (176) -- (42) (62) - ------------------------------------------------------------------------------------------------------------------------------------ Total distributions to shareholders .... (144,098) (215,125) (235,111) (400,848) (73,434) (142,775) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from capital share transactions (Note 7) .................. 1,053,787 291,140 1,576,559 (202,496) 314,639 (690,943) - ------------------------------------------------------------------------------------------------------------------------------------ Total increase (decrease) in net assets 1,054,690 291,140 1,576,585 (202,477) 314,590 (690,996) NET ASSETS: Beginning of period ........................ 4,522,611 4,231,471 7,170,574 7,373,051 2,498,925 3,189,921 - ------------------------------------------------------------------------------------------------------------------------------------ End of period .............................. $5,577,301 $4,522,611 $8,747,159 $7,170,574 $2,813,515 $2,498,925 ====================================================================================================================================
69 JPMorgan Funds - -------------------------------------------------------------------------------- Statement of Changes in Net Assets For the periods indicated (unaudited) STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited) (Amounts in Thousands)
Federal Prime Tax Free Money Market Money Market Money Market Fund II Fund II Fund ------------------------ -------------------------- ------------------------ 9/1/00 Year 9/1/00 Year 9/1/00 Year Through Ended Through Ended Through Ended 2/28/01 8/31/00 2/28/01 8/31/00 2/28/01 8/31/00 ==================================================================================================================================== INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ...................... $ 47,252 $ 60,450 $ 690,123 $ 615,937 $ 32,094 $ 54,183 Net realized gain (loss) on investments .... 75 (24) (72) (60) (23) (60) Change in net unrealized appreciation of investments ............................. -- -- -- 3,884 -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Increase in net assets from operations . 47,327 60,426 690,051 619,761 32,071 54,123 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ...................... (47,239) (60,450) (690,157) (615,944) (32,150) (54,097) Net realized gain on investment transactions (24) -- (13) (121) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total distributions to shareholders .... (47,263) (60,450) (690,170) (616,065) (32,150) (54,097) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase from capital share transactions (Note 7) ........................ 749,559 45,691 16,861,160 2,947,065 121,268 294,372 - ------------------------------------------------------------------------------------------------------------------------------------ Total increase in net assets ........... 749,623 45,667 16,861,041 2,950,761 121,189 294,398 NET ASSETS: Beginning of period ........................ 1,142,154 1,096,487 12,757,302 9,806,541 1,654,664 1,360,266 - ------------------------------------------------------------------------------------------------------------------------------------ End of period .............................. $1,891,777 $1,142,154 $29,618,343 $12,757,302 $1,775,853 $1,654,664 ====================================================================================================================================
70 JPMorgan Funds - -------------------------------------------------------------------------------- Statement of Changes in Net Assets For the periods indicated (unaudited) STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited) (Amounts in Thousands)
New York Tax Free California Tax Free Money Market Money Market Fund 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 ...................................... $ 33,158 $ 53,819 $ 1,364 $ 1,912 Net realized gain (loss) on investments .................... 3 60 (2) -- - --------------------------------------------------------------------------------------------------------------------------------- Increase in net assets from operations ................ 33,161 53,879 1,362 1,912 - --------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ...................................... (33,174) (53,800) (1,364) (1,912) Net realized gain on investment transactions ............... (27) -- -- -- - --------------------------------------------------------------------------------------------------------------------------------- Total distributions to shareholders ................... (33,201) (53,800) (1,364) (1,912) - --------------------------------------------------------------------------------------------------------------------------------- Net increase from capital share transactions (Note 7) ........................................ 390,264 326,622 11,038 9,879 - --------------------------------------------------------------------------------------------------------------------------------- Total increase in net assets .......................... 390,224 326,701 11,036 9,879 NET ASSETS: Beginning of period ........................................ 1,831,212 1,504,511 77,519 67,640 - --------------------------------------------------------------------------------------------------------------------------------- End of period .............................................. $2,221,436 $1,831,212 $88,555 $77,519 =================================================================================================================================
71 - -------------------------------------------------------------------------------- JPMorgan Funds Notes to Financial Statements (unaudited) 1. Organization and Significant Accounting Policies Mutual Fund Trust (the "Trust") was organized as a Massachusetts business trust, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company. Effective February 21, 2001, the following eight separate portfolios of the Trust (collectively, the "Funds") were renamed with the approval of the Board of Trustees of the Trust:
New Name Old Name - ------------------------------------------------------------------------------------------------------------------------------ JPMorgan 100% U.S. Treasury Securities Money Chase Vista 100% U.S. Treasury Securities Market Fund ("USTS") Money Market Fund JPMorgan U.S. Government Money Market Fund ("USG") Chase Vista U.S. Government Money Market Fund JPMorgan Treasury Plus Money Market Fund ("TP") Chase Vista Treasury Plus Money Market Fund JPMorgan Federal Money Market Fund II ("FED") Chase Vista Federal Money Market Fund JPMorgan Prime Money Market Fund II ("PRM") Chase Vista Prime Money Market Fund JPMorgan Tax Free Money Market Fund ("TF") Chase Vista Tax Free Money Market Fund JPMorgan New York Tax Free Money Market Fund ("NYTF") Chase Vista New York Tax Free Money Market Fund JPMorgan California Tax Free Money Money Market Fund ("CTF") Chase Vista California Tax Free Money Money Market Fund
The Funds offer various classes of shares as follows:
Fund Classes Offered - ------------------------------------------------------------------------------------------------------------------------------ USTS Vista, Premier, Institutional USG Vista, Premier, Institutional TP Vista, Premier, Institutional FED Vista, Premier, Institutional, Reserve PRM Vista, Premier, Institutional, Reserve, B Shares, C Shares TF Vista, Premier, Institutional, Reserve NYTF Vista, Reserve CTF Vista
All classes of shares have equal rights as to 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 plan and shareholder servicing agreement. 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. 72 JPMorgan Funds - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) A. Valuation of investments -- Money market instruments are valued at amortized cost which approximates market value. The Trust's use of amortized cost is subject to the Trust's compliance with certain conditions as specified under Rule 2a-7 of the 1940 Act. B. Repurchase and reverse repurchase agreements -- It is each 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, subcustodian or a bank in which the custodian bank has entered into a subcustodian 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 into an insolvency proceeding, realization of the collateral may be delayed or limited. At all times that a reverse repurchase agreement is outstanding, the Fund segregates assets with a value at least equal to its obligation under the agreement. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund's use of proceeds from the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities. The Fund's use of the proceeds of the reverse repurchase agreement may also effectively be restricted pending such decisions. During the six months ended February 28, 2001, PRM entered into two reverse repurchase agreements totaling $98,760,000 at 6.55%. Interest expense totaled $53,907, which is included in Other expenses on the Statement of Operations. The agreements, which matured September 25, 2000, were collateralized by Federal Home Loan Bank notes with a par value totaling $100,000,000, due November 24, 2000 and December 8, 2000, respectively. 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. D. 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 income, including 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. 73 JPMorgan Funds - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) E. 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. F. 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 Trust 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 than 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. 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 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 0.10% of the average daily net assets for each respective Fund. The Adviser (and its predecessor) voluntarily waived fees as outlined in Note 2.E. 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 Investment Advisory Agreement between Chase and JPMFAM for each fund other than TF, JPMFAM was entitled to 74 JPMorgan Funds - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of each Fund's average daily net assets. The Investment Advisory Agreement between each Fund and Chase has been assigned to JPMFAM. B. Shareholder and Fund servicing fees -- The Trust adopted Administrative Service Plans which, among other things, provide that the Trust 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 0.35% of the average daily net assets of the Vista and Reserve Classes, 0.25% of the average daily net assets of the Premier, B Share and C Share Classes, and 0.10% of the average daily net assets of the Institutional Class of each Fund. Chase and certain of its affiliates are the only Shareholder Servicing Agents. The Shareholder Servicing Agents have voluntarily waived fees as outlined in Note 2.E. below. C Distribution and sub-administrations 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 Trust's 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 Trust, 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 Trustees have adopted plans of distribution under the 1940 Act for the Premier Shares of USG (the "Premier Plan"), for the Vista Shares of each Fund (the "Vista Plan") except for PRM, for the Reserve Shares of FED, PRM, TF and NYTF (the "Reserve Plan") and for the B Shares and C Shares of PRM (the "B Plan" and "C Plan", respectively). There are no distribution plans for the Institutional Shares. The Premier, Vista, Reserve, B and C Share Plans pay the Distributor a distribution fee. The fee is computed daily and paid monthly at an annual rate of: 0.10% of the average daily net assets of the Vista Class of each Fund (except PRM), 0.10% of the average daily net assets of the USG Premier Class, 0.30% of the average daily net assets of the Reserve Class of FED, PRM, TF and NYTF, and 0.75% of the average daily net assets of the B Shares and C Shares of PRM. The Distributor voluntarily waived fees as outlined in Note 2.E. below. 75 JPMorgan Funds - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) D. Administration fee -- Pursuant to the Administration Agreement, Chase (the "Administrator") provides certain administration services and facilities to each Fund at a fee computed daily and paid monthly at the annual rate equal to 0.05% of the respective Fund's average daily net assets. The Administrator voluntarily waived fees as outlined in Note 2.E. below. E. Waiver of fees -- For the six months ended February 28, 2001, the Funds' vendors voluntarily waived fees for each of the Funds as follows (amounts in thousands): Shareholder Administration Servicing Distribution - -------------------------------------------------------------------------------- USTS ................... $1,022 $ 308 $1,488 USG .................... 1,858 620 910 TP ..................... 503 726 -- FED .................... -- 318 -- PRM .................... 1,129 3,935 -- TF ..................... -- 807 -- NYTF ................... 484 -- 580 CTF .................... -- 92 23 F. Other -- Certain officers of the Trust are officers of the Distributor or of its parent corporation, BISYS. 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. The Distributor voluntarily reimbursed expenses of the Funds in the amounts as shown on the Statement of Operations. 3. Concentration of Credit Risk As of February 28, 2001, PRM invested 90.3% of its net assets in securities issued by institutions in the financial services industry including banks, broker dealers and insurance companies. General economic conditions, as well as exposure to credit losses arising from possible financial difficulties of borrowers, play an important role in the operation of the financial services industry. TF, NYTF and CTF 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 76 JPMorgan Funds - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) political subdivisions and duly constituted authorities, with NYTF primarily investing in issuers in the State of New York, and CTF primarily investing in issuers in the State of California. As of February 28, 2001, TF invested 15.0% of its net assets in issuers in the State of Texas. The issuers' abilities to meet their obligations may be affected by economic or political developments in a specific state or region. 4. 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 Fund Expenses Pension Liability - -------------------------------------------------------------------------------- USTS ............................. $ 48 $ 370 USG .............................. 75 683 TP ............................... 26 257 FED .............................. 13 104 PRM .............................. 189 1,199 TF ............................... 17 137 NYTF ............................. 18 141 CTF .............................. 1 6 77 JPMorgan Funds - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) 5. Reorganizations On October 20, 2000, PRM acquired all the net assets of Chase Vista Cash Management Fund (CM) pursuant to a Reorganization Plan approved by CM shareholders on October 5, 2000. The transaction was structured for tax purposes to qualify as a tax-free reorganization under the Internal Revenue Code. Under the Reorganization Plan, each shareholder of CM received shares in PRM with a value equal to their holdings in CM. Holders of Vista Class Shares in CM received Vista Class Shares in PRM, holders of Premier Class Shares in CM received Premier Class Shares in PRM and holders of Institutional Class Shares in CM received Institutional Class Shares in PRM. The following is a summary of shares outstanding, net assets and net asset values per share immediately before and after the reorganization: After Before Reorganization Reorganization ------------------------------- --------------- CM PRM PRM -------------- -------------- --------------- Vista Shares Shares ................ 6,780,303,378 2,020,776,873 8,801,080,251 Net Assets ............ $6,779,513,682 $2,017,127,824 $ 8,796,641,506 Net Asset Value ....... $1.00 $1.00 $1.00 Premier Shares Shares ................ 383,299,637 1,852,607,948 2,235,907,585 Net Assets ............ $ 383,301,511 $1,852,650,154 $ 2,235,951,665 Net Asset Value ....... $1.00 $1.00 $1.00 Institutional Shares Shares ................ 3,333,130,912 9,511,943,317 12,845,074,229 Net Assets ............ $3,332,909,551 $9,515,447,112 $12,848,356,663 Net Asset Value ....... $1.00 $1.00 $1.00 Reserve Shares Shares ................ 1,211 1,211 Net Assets ............ $ 1,211 $ 1,211 Net Asset Value ....... $1.00 $1.00 B Shares Shares ................ 20,765,128 20,765,128 Net Assets ............ $ 20,763,172 $ 20,763,172 Net Asset Value ....... $1.00 $1.00 C Shares Shares ................ 139,800 139,800 Net Assets ............ $ 139,808 $ 139,808 Net Asset Value ....... $1.00 $1 78 JPMorgan Funds - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) On February 16, 2001, PRM acquired all the net assets of Chase Money Market Fund (CMMF) pursuant to a Reorganization Plan approved by CMMF shareholders on January 26, 2001. The transaction was structured for tax purposes to qualify as a tax-free reorganization under the Internal Revenue Code. Under the Reorganization Plan, each shareholder of CMMF received shares in PRM with a value equal to their holdings in CMMF. Holders of Investor Class Shares in CMMF received Vista Class Shares in PRM, holders of Premier Class Shares in CMMF received Premier Class Shares in PRM. The following is a summary of shares outstanding, net assets and net asset values per share immediately before and after the reorganization: After Before Reorganization Reorganization ------------------------------- --------------- CMMF PRM PRM ------------ --------------- --------------- Vista Shares Shares ................ 10,186,612,136 10,192,134,877 Net Assets ............ $10,182,180,207 $10,187,704,072 Net Asset Value ....... $1.00 $1.00 Premier Shares Shares ................ 2,041,521,265 2,148,011,818 Net Assets ............ $ 2,041,548,458 $ 2,148,063,620 Net Asset Value ....... $1.00 $1.00 Institutional Shares Shares ................ 18,927,279,631 18,927,279,631 Net Assets ............ $18,930,648,847 $18,930,648,847 Net Asset Value ....... $1.00 $1.00 Reserve Shares Shares ................ 1,232 1,232 Net Assets ............ $ 1,231 $ 1,231 Net Asset Value ....... $1.00 $1.00 B Shares Shares ................ 11,626,267 11,626,267 Net Assets ............ $ 11,624,360 $ 11,624,360 Net Asset Value ....... $1.00 $1.00 C Shares Shares ................ 186,694 186,694 Net Assets ............ $ 186,703 $ 186,703 Net Asset Value ....... $1.00 $1.00 Investor Shares Shares ................ 5,522,741 Net Assets ............ $ 5,523,865 Net Asset Value ....... $1.00 Premier Shares Shares ................ 106,490,553 Net Assets ............ $106,515,162 Net Asset Value ....... $1.00 79 JPMorgan FUNDS - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) 6. Subsequent Events On April 3, 2001, the Board of Trustees of 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 - -------------------------------------------------------------------------------- TP J.P. Morgan Treasury Money Market Reserves Fund TP J.P. Morgan Institutional Treasury Money Market Fund TP J.P. Morgan Institutional Service Treasury Money Market Fund FED J.P. Morgan Federal Money Market Fund FED J.P. Morgan Institutional Federal Money Market Fund FED J.P. Morgan Institutional Service Federal Money Market Fund PRM J.P. Morgan Prime Money Market Fund PRM J.P. Morgan Institutional Prime Money Market Fund PRM J.P. Morgan Institutional Service Prime Money Market Fund PRM J.P. Morgan Manager's Money Market Fund PRM JPM Institutional Money Market Fund, Ltd. PRM J.P. Morgan Institutional Service Money Market Fund, Ltd. PRM J.P. Morgan Prime Money Market Reserves Fund PRM J.P. Morgan Institutional Prime Direct Money Market Fund PRM J.P. Morgan Prime Cash Management Fund TF J.P. Morgan Tax Exempt Money Market Fund TF J.P. Morgan Institutional Tax Exempt Money Market Fund TF J.P. Morgan Institutional Service Tax Exempt Money Market Fund 80 JPMorgan Funds - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) 7. Capital Share Transactions Capital share transactions were as follows for the periods presented (amounts in thousands): 100% U.S. TREASURY SECURITIES MONEY MARKET FUND
- ------------------------------------------------------------------------------------------------------------------------------------ Vista Premier Institutional - ------------------------------------------------------------------------------------------------------------------------------------ Amount Shares Amount Shares Amount Shares - ------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended February 28, 2001 - ------------------------------------------------------------------------------------------------------------------------------------ Shares sold $ 7,218,528 7,218,528 $ 171,318 171,318 $ 4,354,138 4,354,138 Shares issued in reinvestment of distributions 69,139 69,139 2,521 2,521 17,436 17,436 Shares redeemed (7,100,597) (7,100,597) (157,525) (157,525) (3,521,171) (3,521,171) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in Fund shares outstanding $ 187,070 187,070 $ 16,314 16,314 $ 850,403 850,403 ==================================================================================================================================== Year Ended August 31, 2000 - ------------------------------------------------------------------------------------------------------------------------------------ Shares sold $ 12,269,163 12,269,163 $ 398,033 398,033 $ 5,690,875 5,690,875 Shares issued in reinvestment of distributions 127,472 127,472 3,353 3,353 32,950 32,950 Shares redeemed (12,174,395) (12,174,395) (309,408) (309,408) (5,746,903) (5,746,903) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in Fund shares outstanding $ 222,240 222,240 $ 91,978 91,978 $ (23,078) (23,078) ====================================================================================================================================
U.S. GOVERNMENT MONEY MARKET FUND
- ------------------------------------------------------------------------------------------------------------------------------------ Vista Premier Institutional - ------------------------------------------------------------------------------------------------------------------------------------ Amount Shares Amount Shares Amount Shares - ------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended February 28, 2001 - ------------------------------------------------------------------------------------------------------------------------------------ Shares sold $ 11,273,845 11,273,845 $ 4,020,136 4,020,136 $ 15,158,244 15,158,244 Shares issued in reinvestment of distributions 47,761 47,761 14,249 14,249 39,604 39,604 Shares redeemed (10,764,064) (10,764,064) (4,085,262) (4,085,262) (14,127,954) (14,127,954) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in Fund shares outstanding $ 557,542 557,542 $ (50,877) (50,877) $ 1,069,894 1,069,894 ==================================================================================================================================== Year Ended August 31, 2000 - ------------------------------------------------------------------------------------------------------------------------------------ Shares sold $ 21,070,138 21,070,138 $ 7,472,951 7,472,951 $ 24,558,779 24,558,779 Shares issued in reinvestment of distributions 99,652 99,652 30,191 30,191 78,208 78,208 Shares redeemed (21,310,059) (21,310,059) (7,291,128) (7,291,128) (24,911,228) (24,911,228) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in Fund shares outstanding $ (140,269) (140,269) $ 212,014 212,014 $ (274,241) (274,241) ====================================================================================================================================
81 JPMorgan Funds - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) TREASURY PLUS MONEY MARKET FUND
- ------------------------------------------------------------------------------------------------------------------------------------ Vista Premier Institutional - ------------------------------------------------------------------------------------------------------------------------------------ Amount Shares Amount Shares Amount Shares - ------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended February 28, 2001 - ------------------------------------------------------------------------------------------------------------------------------------ Shares sold $ 5,667,021 5,667,021 $ 1,733,992 1,733,992 $ 5,682,951 5,682,951 Shares issued in reinvestment of distributions 25,378 25,378 2,511 2,511 18,365 18,365 Shares redeemed (5,668,246) (5,668,246) (1,616,727) (1,616,727) (5,530,606) (5,530,606) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in Fund shares outstanding $ 24,153 24,153 $ 119,776 119,776 $ 170,710 170,710 ==================================================================================================================================== Year Ended August 31, 2000 - ------------------------------------------------------------------------------------------------------------------------------------ Shares sold $ 10,985,282 10,985,282 $ 2,838,587 2,838,587 $ 9,562,850 9,562,850 Shares issued in reinvestment of distributions 54,114 54,114 5,041 5,041 36,706 36,706 Shares redeemed (11,406,802) (11,406,802) $(3,091,819) (3,091,819) (9,674,902) (9,674,902) - ------------------------------------------------------------------------------------------------------------------------------------ Net decrease in Fund shares outstanding $ (367,406) (367,406) $ (248,191) (248,191) $ (75,346) (75,346) ====================================================================================================================================
FEDERAL MONEY MARKET FUND II
- ------------------------------------------------------------------------------------------------------------------------------------ Vista Premier Institutional Reserve * - ------------------------------------------------------------------------------------------------------------------------------------ Amount Shares Amount Shares Amount Shares Amount Shares - ------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended February 28, 2001 - ------------------------------------------------------------------------------------------------------------------------------------ Shares sold $ 708,872 708,872 $ 289,945 289,945 $ 2,115,267 2,115,267 $ 2 2 Shares issued in reinvestment of distributions 10,784 10,784 6,711 6,711 2,335 2,335 24 24 Shares redeemed (623,235) (623,235) (263,210) (263,210) (1,497,910) (1,497,910) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in Fund shares outstanding $ 96,421 96,421 $ 33,446 33,446 $ 619,692 619,692 $26 26 ==================================================================================================================================== Year Ended August 31, 2000 - ------------------------------------------------------------------------------------------------------------------------------------ Shares sold $ 1,370,953 1,370,953 $ 373,817 373,817 $ 2,941,384 2,941,384 $ 1 1 Shares issued in reinvestment of distributions 22,852 22,852 13,241 13,241 4,454 4,454 -- -- Shares redeemed (1,367,229) (1,367,229) (406,427) (406,427) (2,907,355) (2,907,355) -- -- Net increase (decrease) in Fund shares - ------------------------------------------------------------------------------------------------------------------------------------ outstanding $ 26,576 26,576 $ (19,369) (19,369) $ 38,483 38,483 $ 1 1 ====================================================================================================================================
* Reserve Shares commencement of offering, 7/31/00. 82 JPMorgan Funds - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) PRIME MONEY MARKET FUND II
- ------------------------------------------------------------------------------------------------------------------------------------ Vista Premier Institutional - ------------------------------------------------------------------------------------------------------------------------------------ Amount Shares Amount Shares Amount Shares - ------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended February 28, 2001 - ------------------------------------------------------------------------------------------------------------------------------------ Shares sold $ 17,566,582 17,566,583 $ 9,233,024 9,232,997 $ 60,264,436 60,264,436 Shares issued in connection with the acquisition of Chase Vista Cash Management Fund (Note 5) 6,779,514 6,780,303 383,301 383,300 3,332,910 3,333,131 Shares issued in connection with the acquisition of Chase Money Market Fund (Note 5) 5,523 5,523 106,515 106,491 -- -- Shares issued in reinvestment of distributions 137,134 137,134 29,242 29,242 268,238 268,238 Shares redeemed (15,754,899) (15,754,899) (9,534,082) (9,534,082) (55,958,220) (55,958,218) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in Fund shares outstanding $ 8,733,854 8,734,644 $ 218,000 217,948 $ 7,907,364 7,907,587 ==================================================================================================================================== Year Ended August 31, 2000 - ------------------------------------------------------------------------------------------------------------------------------------ Shares sold $ 7,131,346 7,131,346 $ 13,034,051 13,034,051 $ 82,896,178 82,896,178 Shares issued in reinvestment of distributions 39,797 39,797 37,777 37,777 352,349 352,349 Shares redeemed (6,207,576) (6,207,576) (12,325,229) (12,325,229) (81,986,141) (81,986,141) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in Fund shares outstanding $ 963,567 963,567 $ 746,599 746,599 $ 1,262,386 1,262,386 ====================================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------ Reserve * B C - ------------------------------------------------------------------------------------------------------------------------------------ Amount Shares Amount Shares Amount Shares - ------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended February 28, 2001 - ------------------------------------------------------------------------------------------------------------------------------------ Shares sold $ 122 122 $ 52,684 52,684 $ 1,076 1,076 Shares issued in reinvestment of distributions -- -- 280 280 3 3 Shares redeemed -- -- (51,409) (51,409) (814) (814) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in Fund shares outstanding $ 122 122 $ 1,555 1,555 $ 265 265 ==================================================================================================================================== Year Ended August 31, 2000 - ------------------------------------------------------------------------------------------------------------------------------------ Shares sold $ 1 1 $ 135,290 135,290 $ 7,817 7,817 Shares issued in reinvestment of distributions -- -- 806 806 8 8 Shares redeemed -- -- (161,484) (161,484) (7,925) (7,925) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in Fund shares outstanding $ 1 1 $ (25,388) (25,388) $ (100) (100) ====================================================================================================================================
* Reserve Shares commencement of offering, 7/31/00. 83 JPMorgan Funds - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) TAX FREE MONEY MARKET FUND
- ------------------------------------------------------------------------------------------------------------------------------------ Vista Premier Institutional Reserve * - ------------------------------------------------------------------------------------------------------------------------------------ Amount Shares Amount Shares Amount Shares Amount Shares - ------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended February 28, 2001 - ------------------------------------------------------------------------------------------------------------------------------------ Shares sold $ 1,393,591 1,393,591 $ 143,139 143,139 $ 2,747,117 2,747,117 $ -- -- Shares issued in reinvestment of distributions 6,172 6,172 990 990 7,194 7,194 -- -- Shares redeemed (1,321,879) (1,321,879) (165,103) (165,103) (2,689,953) (2,689,953) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in Fund shares outstanding $ 77,884 77,884 $ (20,974) (20,974) $ 64,358 64,358 $ -- -- ==================================================================================================================================== Year Ended August 31, 2000 - ------------------------------------------------------------------------------------------------------------------------------------ Shares sold $ 2,078,075 2,078,075 $ 343,481 343,481 $ 3,019,983 3,019,983 $ 1 1 Shares issued in reinvestment of distributions 12,007 12,007 2,982 2,982 9,475 9,475 -- -- Shares redeemed (1,949,740) (1,949,740) (356,488) (356,488) (2,865,404) (2,865,404) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in Fund shares outstanding $ 140,342 140,342 $ (10,025) (10,025) $ 164,054 164,054 $ 1 1 ====================================================================================================================================
* Reserve Shares commencement of offering, 7/31/00 NEW YORK TAX FREE MONEY MARKET FUND
- ------------------------------------------------------------------------------------ Vista Reserve * - ------------------------------------------------------------------------------------ Amount Shares Amount Shares - ------------------------------------------------------------------------------------ Six Months Ended February 28, 2001 - ------------------------------------------------------------------------------------ Shares sold $ 2,035,723 2,035,723 $ -- -- Shares issued in reinvestment of distributions 20,268 20,268 -- -- Shares redeemed (1,665,727) (1,665,727) -- -- - ------------------------------------------------------------------------------------ Net increase in Fund shares outstanding $ 390,264 390,264 $ -- -- ==================================================================================== Year Ended August 31, 2000 - ------------------------------------------------------------------------------------ Shares sold $ 3,464,112 3,464,112 $ 1 1 Shares issued in reinvestment of distributions 37,398 37,398 -- -- Shares redeemed (3,174,889) (3,174,889) -- -- - ------------------------------------------------------------------------------------ Net increase in Fund shares outstanding $ 326,621 326,621 $ 1 1 ====================================================================================
* Reserve Shares commencement of offering, 7/31/00. 84 JPMorgan Funds - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) CALIFORNIA TAX FREE MONEY MARKET FUND
- ------------------------------------------------------------------------------------ Vista - ------------------------------------------------------------------------------------ Amount Shares - ------------------------------------------------------------------------------------ Six Months Ended February 28, 2001 - ------------------------------------------------------------------------------------ Shares sold $ 148,497 148,497 Shares issued in reinvestment of distributions 457 457 Shares redeemed (137,916) (137,916) - ------------------------------------------------------------------------------------ Net increase in Fund shares outstanding $ 11,038 11,038 ==================================================================================== Year Ended August 31, 2000 - ------------------------------------------------------------------------------------ Shares sold $ 243,038 243,038 Shares issued in reinvestment of distributions 732 732 Shares redeemed (233,891) (233,891) - ------------------------------------------------------------------------------------ Net increase in Fund shares outstanding $ 9,879 9,879 ====================================================================================
85 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
100% U.S. Treasury Securities Money Market Fund^ ------------------------------------------------------------------------------ Vista Shares ------------------------------------------------------------------------------ 9/1/00 Year Ended August 31, 12/1/95++ 9/1/00 Through ---------------------------------------- Through Through 2/28/01 2000 1999 1998 1997 8/31/96 2/28/01 ------- ------ ------ ------ ------ --------- ------- Per Share Operating Performance Net Asset Value, Beginning of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00 ------ ------ ------ ------ ------ ------ ----- Income from Investment Operations: Net Investment Income .......................... 0.03 0.05 0.04 0.05 0.05 0.04 0.03 Less Dividends from Net Investment Income ............................ 0.03 0.05 0.04 0.05 0.05 0.04 0.03 ------ ------ ------ ------ ------ ------ ----- Net Asset Value, End of Period .................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00 ====== ====== ====== ====== ====== ====== ===== Total Return ...................................... 2.79% 5.02% 4.31% 4.92% 4.87% 3.50% 2.84% Ratios/Supplemental Data: Net Assets, End of Period (millions) ........... $3,723 $3,535 $3,312 $3,051 $2,376 $1,672 $ 132 Ratios to Average Net Assets#: Expenses ....................................... 0.59% 0.59% 0.59% 0.59% 0.59% 0.60% 0.48% Net Investment Income .......................... 5.54% 4.92% 4.15% 4.78% 4.74% 4.58% 5.65% Expenses Without Waivers, Reimbursements and Earnings Credits ......................... 0.71% 0.71% 0.71% 0.71% 0.71% 0.68% 0.52% Net Investment Income Without Waivers, Reimbursements and Earnings Credits .......... 5.42% 4.80% 4.03% 4.66% 4.62% 4.50% 5.61% ==================================================================================================================================== 100% U.S. Treasury Securities Money Market Fund^ ----------------------------------------------------- Premier Shares ----------------------------------------------------- Year Ended August 31, 6/3/96* ---------------------------------------- Through 2000 1999 1998 1997 8/31/96 ----- ----- ----- ----- ------- Per Share Operating Performance Net Asset Value, Beginning of Period .............. $1.00 $1.00 $1.00 $1.00 $1.00 ----- ----- ----- ----- ----- Income from Investment Operations: Net Investment Income .......................... 0.05 0.04 0.05 0.05 0.01 Less Dividends from Net Investment Income ............................ 0.05 0.04 0.05 0.05 0.01 ----- ----- ----- ----- ----- Net Asset Value, End of Period .................... $1.00 $1.00 $1.00 $1.00 $1.00 ===== ===== ===== ===== ===== Total Return ...................................... 5.12% 4.40% 5.00% 4.91% 1.11% Ratios/Supplemental Data: Net Assets, End of Period (millions) ........... $ 116 $ 24 $ 22 $ 6 $ 1 Ratios to Average Net Assets#: Expenses ....................................... 0.49% 0.50% 0.51% 0.55% 0.42% Net Investment Income .......................... 5.02% 4.22% 4.99% 4.80% 3.45% Expenses Without Waivers, Reimbursements and Earnings Credits ......................... 0.53% 0.56% 0.78% 0.80% 0.42% Net Investment Income Without Waivers, Reimbursements and Earnings Credits .......... 4.98% 4.16% 4.72% 4.55% 3.45% ====================================================================================================================
++ In 1996, the Fund changed its fiscal year-end from November 30 to August 31. * Commencement of offering of class of shares. # Short periods have been annualized. ^ Formerly Chase Vista 100% U.S. Treasury Securities Money Market Fund. See notes to financial statements. 86 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited)(continued) FINANCIAL HIGHLIGHTS (unaudited)
100% U.S. Treasury Securities Money Market Fund^ ---------------------------------------------------- Institutional Shares ---------------------------------------------------- 9/1/00 Year Ended August 31, 6/3/96* Through ------------------------------ Through 2/28/01 2000 1999 1998 1997 8/31/96 ------- ---- ---- ---- ---- ------- Per Share Operating Performance Net Asset Value, Beginning of Period ........................................ $ 1.00 $1.00 $1.00 $ 1.00 $1.00 $1.00 ------ ----- ----- ------ ----- ----- Income from Investment Operations: Net Investment Income .................................................... 0.03 0.05 0.05 0.05 0.05 0.01 Less Dividends from Net Investment Income ................................ 0.03 0.05 0.05 0.05 0.05 0.01 ------ ----- ----- ------ ----- ----- Net Asset Value, End of Period .............................................. $ 1.00 $1.00 $1.00 $ 1.00 $1.00 $1.00 ====== ===== ===== ====== ===== ===== Total Return ................................................................ 2.96% 5.38% 4.67% 5.30% 5.20% 1.23% Ratios/Supplemental Data: Net Assets, End of Period (millions) ..................................... $1,722 $ 872 $ 895 $1,796 $ 81 $ 1 Ratios to Average Net Assets#: Expenses ................................................................. 0.25% 0.25% 0.24% 0.21% 0.27% 0.21% Net Investment Income .................................................... 5.88% 5.26% 4.51% 5.13% 5.06% 3.65% Expenses Without Waivers, Reimbursements and Earnings Credits ............ 0.34% 0.34% 0.32% 0.25% 0.27% 0.21% Net Investment Income Without Waivers, Reimbursements and Earnings Credits 5.79% 5.17% 4.43% 5.09% 5.06% 3.65% ====================================================================================================================================
* Commencement of offering of class of shares. # Short periods have been annualized. ^ Formerly Chase Vista 100% U.S. Treasury Securities Money Market Fund. See notes to financial statements. 87 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
U.S. Government Money Market Fund^ --------------------------------------------------- Vista Shares --------------------------------------------------- 9/1/00 Year Ended August 31, Through ---------------------------------------- 2/28/01 2000 1999 1998 1997 1996 ------- ---- ---- ---- ---- ---- Per Share Operating Performance Net Asset Value, Beginning of Period ........................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income .................................................... 0.03 0.05 0.04 0.05 0.05 0.05 Less Dividends from Net Investment Income ................................ 0.03 0.05 0.04 0.05 0.05 0.05 ------ ------ ------ ------ ------ ------ Net Asset Value, End of Period .............................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== ====== Total Return ................................................................ 2.91% 5.48% 4.55% 5.14% 5.04% 4.97% Ratios/Supplemental Data: Net Assets, End of Period (millions) ..................................... $3,956 $3,398 $3,538 $3,033 $2,139 $2,057 Ratios to Average Net Assets#: Expenses ................................................................. 0.59% 0.59% 0.59% 0.59% 0.59% 0.65% Net Investment Income .................................................... 5.78% 5.35% 4.46% 5.01% 4.93% 4.83% Expenses Without Waivers, Reimbursements and Earnings Credits ............ 0.68% 0.69% 0.69% 0.70% 0.72% 0.73% Net Investment Income Without Waivers, Reimbursements and Earnings Credits 5.69% 5.25% 4.36% 4.90% 4.80% 4.75% ====================================================================================================================================
# Short periods have been annualized. ^ Formerly Chase Vista U.S. Government Money Market Fund. See notes to financial statements. 88 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
U.S. Government Money Market Fund^ -------------------------------------------------------------- Premier Shares ------------------------------------------------------------- 9/1/00 Year Ended August 31, Through --------------------------------------------- 2/28/01 2000 1999 1998 1997 1996 ------- ---- ---- ---- ---- ---- Per Share Operating Performance Net Asset Value, Beginning of Period ...... $ 1.00 $ 1.00 $1.00 $ 1.00 $1.00 $1.00 ------ ------ ----- ------ ----- ----- Income from Investment Operations: Net Investment Income .................. 0.03 0.05 0.05 0.05 0.05 0.05 Less Dividends from Net Investment Income .................... 0.03 0.05 0.05 0.05 0.05 0.05 ------ ------ ----- ------ ----- ----- Net Asset Value, End of Period ............ $ 1.00 $ 1.00 $1.00 $ 1.00 $1.00 $1.00 ====== ====== ===== ====== ===== ===== Total Return .............................. 2.98% 5.62% 4.70% 5.25% 5.08% 5.15% Ratios/Supplemental Data: Net Assets, End of Period (millions) ... $1,083 $1,134 $ 922 $1,084 $ 837 $ 802 Ratios to Average Net Assets#: Expenses ............................... 0.45% 0.45% 0.45% 0.48% 0.55% 0.55% Net Investment Income .................. 5.96% 5.50% 4.60% 5.12% 4.97% 5.04% Expenses Without Waivers, Reimbursements and Earnings Credits ................. 0.58% 0.58% 0.58% 0.60% 0.60% 0.59% Net Investment Income Without Waivers, Reimbursements and Earnings Credits .. 5.83% 5.37% 4.47% 5.00% 4.92% 5.00% =============================================================================================================== U.S. Government Money Market Fund^ ---------------------------------------------------------- Institutional Shares ---------------------------------------------------------- 9/1/00 Year Ended August 31, Through ---------------------------------------------- 2/28/01 2000 1999 1998 1997 1996 ------- ---- ---- ---- ---- ---- Per Share Operating Performance Net Asset Value, Beginning of Period ...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income .................. 0.03 0.06 0.05 0.05 0.05 0.05 Less Dividends from Net Investment Income .................... 0.03 0.06 0.05 0.05 0.05 0.05 ------ ------ ------ ------ ------ ------ Net Asset Value, End of Period ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== ====== Total Return .............................. 3.08% 5.83% 4.92% 5.51% 5.40% 5.45% Ratios/Supplemental Data: Net Assets, End of Period (millions) ... $3,708 $2,639 $2,913 $2,797 $2,955 $1,182 Ratios to Average Net Assets#: Expenses ............................... 0.26% 0.26% 0.25% 0.24% 0.24% 0.27% Net Investment Income .................. 6.09% 5.66% 4.80% 5.36% 5.29% 5.30% Expenses Without Waivers, Reimbursements and Earnings Credits ................. 0.32% 0.33% 0.31% 0.24% 0.24% 0.27% Net Investment Income Without Waivers, Reimbursements and Earnings Credits .. 6.03% 5.59% 4.74% 5.36% 5.29% 5.30% ===========================================================================================================
# Short periods have been annualized. ^ Formerly Chase Vista U.S. Government Money Market Fund. See notes to financial statements. 89 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
Treasury Plus Money Market Fund^ --------------------------------------------------------- Vista Shares --------------------------------------------------------- 9/1/00 Year Ended August 31, 5/6/96* Through ---------------------------------- Through 2/28/01 2000 1999 1998 1997 8/31/96 ------- ---- ---- ---- ---- ------- Per Share Operating Performance Net Asset Value, Beginning of Period ...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income .................. 0.03 0.05 0.04 0.05 0.05 0.02 Less Dividends from Net Investment Income .................... 0.03 0.05 0.04 0.05 0.05 0.02 ------ ------ ------ ------ ------ ------ Net Asset Value, End of Period ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== ====== Total Return .............................. 2.86% 5.29% 4.39% 5.05% 4.89% 1.50% Ratios/Supplemental Data: Net Assets, End of Period (millions) ... $1,391 $1,367 $1,734 $1,316 $1,606 $1,382 Ratios to Average Net Assets#: Expenses ............................... 0.59% 0.59% 0.59% 0.59% 0.59% 0.59% Net Investment Income .................. 5.70% 5.14% 4.27% 4.92% 4.79% 4.63% Expenses Without Waivers, Reimbursements and Earnings Credits ................. 0.70% 0.71% 0.69% 0.70% 0.70% 0.73% Net Investment Income Without Waivers, Reimbursements and Earnings Credits .. 5.59% 5.02% 4.17% 4.81% 4.68% 4.49% ========================================================================================================== Treasury Plus Money Market Fund^ -------------------------------------------------- Premier Shares -------------------------------------------------- 9/1/00 Year Ended August 31, Through --------------------------------------- 2/28/01 2000 1999 1998 1997 1996 ------- ---- ---- ---- ---- ---- Per Share Operating Performance Net Asset Value, Beginning of Period ...... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ----- ----- ----- ----- ----- ----- Income from Investment Operations: Net Investment Income .................. 0.03 0.05 0.04 0.05 0.05 0.05 Less Dividends from Net Investment Income .................... 0.03 0.05 0.04 0.05 0.05 0.05 ----- ----- ----- ----- ----- ----- Net Asset Value, End of Period ............ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ===== ===== ===== ===== ===== ===== Total Return .............................. 2.93% 5.44% 4.54% 5.18% 4.98% 5.07% Ratios/Supplemental Data: Net Assets, End of Period (millions) ... $ 348 $ 228 $ 476 $ 155 $ 131 $ 106 Ratios to Average Net Assets#: Expenses ............................... 0.45% 0.45% 0.45% 0.46% 0.51% 0.52% Net Investment Income .................. 5.83% 5.28% 4.42% 5.06% 4.88% 4.85% Expenses Without Waivers, Reimbursements and Earnings Credits ................. 0.50% 0.51% 0.50% 0.50% 0.53% 0.63% Net Investment Income Without Waivers, Reimbursements and Earnings Credits .. 5.78% 5.22% 4.37% 5.02% 4.86% 4.74% ====================================================================================================
# Short periods have been annualized. * Commencement of offering of class of shares. ^ Formerly Chase Vista Treasury Plus Money Market Fund. See notes to financial statements. 90 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
Treasury Plus Money Market Fund^ ---------------------------------------------------- Institutional Shares ---------------------------------------------------- 9/1/00 Year Ended August 31, Through ---------------------------------------- 2/28/01 2000 1999 1998 1997 1996 ------- ---- ---- ---- ---- ---- Per Share Operating Performance Net Asset Value, Beginning of Period ........................................ $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ------ ----- ----- ----- ----- ----- Income from Investment Operations: Net Investment Income .................................................... 0.03 0.06 0.05 0.05 0.05 0.05 Less Dividends from Net Investment Income ................................ 0.03 0.06 0.05 0.05 0.05 0.05 ------ ----- ----- ----- ----- ----- Net Asset Value, End of Period .............................................. $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ====== ===== ===== ===== ===== ===== Total Return ................................................................ 3.04% 5.65% 4.75% 5.44% 5.24% 5.29% Ratios/Supplemental Data: Net Assets, End of Period (millions) ..................................... $1,075 $ 904 $ 980 $ 876 $ 292 $ 189 Ratios to Average Net Assets#: Expenses ................................................................. 0.25% 0.25% 0.24% 0.21% 0.26% 0.30% Net Investment Income .................................................... 6.02% 5.48% 4.61% 5.29% 5.16% 5.11% Expenses Without Waivers, Reimbursements and Earnings Credits ............ 0.35% 0.36% 0.31% 0.25% 0.26% 0.38% Net Investment Income Without Waivers, Reimbursements and Earnings Credits 5.92% 5.37% 4.54% 5.25% 5.16% 5.03% ====================================================================================================================================
# Short periods have been annualized. ^ Formerly Chase Vista Treasury Plus Money Market Fund. See notes to financial statements. 91 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
Federal Money Market Fund II^ ---------------------------------------------------- Vista Shares ---------------------------------------------------- 9/1/00 Year Ended August 31, Through ---------------------------------------- 2/28/01 2000 1999 1998 1997 1996 ------- ---- ---- ---- ---- ---- Per Share Operating Performance Net Asset Value, Beginning of Period ...... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ----- ----- ----- ----- ----- ----- Income from Investment Operations: Net Investment Income .................. 0.03 0.05 0.04 0.05 0.05 0.05 Less Dividends from Net Investment Income .................... 0.03 0.05 0.04 0.05 0.05 0.05 ----- ----- ----- ----- ----- ----- Net Asset Value, End of Period ............ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ===== ===== ===== ===== ===== ===== Total Return .............................. 2.83% 5.29% 4.46% 4.94% 4.91% 4.83% Ratios/Supplemental Data: Net Assets, End of Period (millions) ... $ 673 $ 576 $ 550 $ 359 $ 301 $ 353 Ratios to Average Net Assets#: Expenses ............................... 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% Net Investment Income .................. 5.62% 5.17% 4.35% 4.88% 4.79% 4.79% Expenses Without Waivers, Reimbursements and Earnings Credits ................. 0.72% 0.75% 0.78% 0.84% 0.82% 0.93% Net Investment Income Without Waivers, Reimbursements and Earnings Credits .. 5.60% 5.12% 4.27% 4.74% 4.67% 4.56% =================================================================================================== Federal Money Market Fund II^ --------------------------------------------------- Premier Shares --------------------------------------------------- 9/1/00 Year Ended August 31, Through ---------------------------------------- 2/28/01 2000 1999 1998 1997 1996 ------- ---- ---- ---- ---- ---- Per Share Operating Performance Net Asset Value, Beginning of Period ...... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ----- ----- ----- ----- ----- ----- Income from Investment Operations: Net Investment Income .................. 0.03 0.05 0.05 0.05 0.05 0.05 Less Dividends from Net Investment Income .................... 0.03 0.05 0.05 0.05 0.05 0.05 ----- ----- ----- ----- ----- ----- Net Asset Value, End of Period ............ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ===== ===== ===== ===== ===== ===== Total Return .............................. 2.94% 5.50% 4.67% 5.22% 5.12% 5.14% Ratios/Supplemental Data: Net Assets, End of Period (millions) ... $ 312 $ 279 $ 298 $ 313 $ 400 $ 249 Ratios to Average Net Assets#: Expenses ............................... 0.48% 0.50% 0.50% 0.50% 0.50% 0.50% Net Investment Income .................. 5.84% 5.35% 4.56% 5.07% 5.01% 4.99% Expenses Without Waivers, Reimbursements and Earnings Credits ................. 0.48% 0.50% 0.50% 0.51% 0.52% 0.52% Net Investment Income Without Waivers, Reimbursements and Earnings Credits .. 5.84% 5.35% 4.56% 5.06% 4.99% 4.97% ===================================================================================================
# Short periods have been annualized. ^ Formerly Chase Vista Federal Money Market Fund. See notes to financial statements. 92 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
Federal Money Market Fund II^ --------------------------------------------------------------------------- Institutional Shares Reserve Shares --------------------------------------------------- ------------------- 9/1/00 Year Ended August 31, 9/1/00 7/31/00* Through ----------------------------------------- Through Through 2/28/01 2000 1999 1998 1997 1996 2/28/01 8/31/00 ------- ---- ---- ---- ---- ---- ------- ------- Per Share Operating Performance Net Asset Value, Beginning of Period ...... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $ 1.00 $1.00 ----- ----- ----- ----- ----- ----- --------- ----- Income from Investment Operations: Net Investment Income .................. 0.03 0.06 0.05 0.05 0.05 0.05 0.03 0.01 Less Dividends from Net Investment Income .................... 0.03 0.06 0.05 0.05 0.05 0.05 0.03 0.01 ----- ----- ----- ----- ----- ----- --------- ----- Net Asset Value, End of Period ............ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $ 1.00 $1.00 ===== ===== ===== ===== ===== ===== ========= ===== Total Return .............................. 3.05% 5.75% 4.92% 5.46% 5.35% 5.35% 2.78% 0.49% Ratios/Supplemental Data: Net Assets, End of Period (millions) ... $ 907 $ 287 $ 248 $ 198 $ 131 $ 141 $ + $ + Ratios to Average Net Assets#: Expenses ............................... 0.26% 0.26% 0.26% 0.27% 0.27% 0.30% 0.83% 0.79% Net Investment Income .................. 6.05% 5.61% 4.79% 5.32% 5.23% 5.20% 5.47% 5.08% Expenses Without Waivers, Reimbursements and Earnings Credits ................. 0.33% 0.34% 0.34% 0.27% 0.27% 0.30% 1873.84% 1.44% Net Investment Income Without Waivers, Reimbursements and Earnings Credits .. 5.98% 5.53% 4.71% 5.32% 5.23% 5.20% (1867.54%) 4.43% ===========================================================================================================================
* Commencement of offering of class of shares. # Short periods have been annualized. + Amount rounds to less than one million. ^ Formerly Chase Vista Federal Money Market Fund. See notes to financial statements. 93 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
Prime Money Market Fund II^ ---------------------------------------------------------- Premier Shares ---------------------------------------------------------- 9/1/00 Year Ended August 31, Through --------------------------------------------- 2/28/01 2000 1999 1998 1997 1996 ------- ---- ---- ---- ---- ----- Per Share Operating Performance Net Asset Value, Beginning of Period .......................... $ 1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00 ------ ------ ------ ----- ----- ----- Income from Investment Operations: Net Investment Income ....................................... 0.03 0.06 0.05 0.05 0.05 0.05 Less Dividends from Net Investment Income ................. 0.03 0.06 0.05 0.05 0.05 0.05 ------ ------ ------ ----- ----- ----- Net Asset Value, End of Period ................................ $ 1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00 ====== ====== ====== ===== ===== ===== Total Return .................................................. 3.06% 5.81% 4.90% 5.44% 5.34% 5.32% Ratios/Supplemental Data: Net Assets, End of Period (millions) ........................ $2,059 $1,841 $1,094 $ 590 $ 499 $ 419 Ratios to Average Net Assets:# Expenses .................................................... 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% Net Investment Income ....................................... 6.04% 5.67% 4.77% 5.29% 5.17% 5.18% Expenses Without Waivers, Reimbursements and Earnings Credits 0.48% 0.49% 0.49% 0.51% 0.53% 0.51% Net Investment Income Without Waivers, Reimbursements and Earnings Credits .......................................... 6.01% 5.63% 4.73% 5.23% 5.09% 5.12% ============================================================================================================================
# Short periods have been annualized. ^ Formerly Chase Vista Prime Money Market Fund. See notes to financial statements. 94 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
Prime Money Market Fund II^ -------------------------------------------------------------- Institutional Shares -------------------------------------------------------------- 9/1/00 Year Ended August 31, Through ------------------------------------------------ 2/28/01 2000 1999 1998 1997 1996 ------- ---- ---- ---- ---- ----- Per Share Operating Performance Net Asset Value, Beginning of Period ........................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00 ------- ------ ------ ------ ------ ----- Income from Investment Operations: Net Investment Income ....................................... 0.03 0.06 0.05 0.06 0.05 0.05 Less Dividends from Net Investment Income ................. 0.03 0.06 0.05 0.06 0.05 0.05 ------- ------ ------ ------ ------ ----- Net Asset Value, End of Period ................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00 ======= ====== ====== ====== ====== ===== Total Return ................................................... 3.15% 6.01% 5.10% 5.65% 5.49% 5.51% Ratios/Supplemental Data: Net Assets, End of Period (millions) ........................ $17,338 $9,430 $8,161 $4,722 $1,348 $ 725 Ratios to Average Net Assets:# Expenses .................................................... 0.26% 0.26% 0.26% 0.24% 0.25% 0.26% Net Investment Income ....................................... 6.23% 5.86% 4.96% 5.50% 5.37% 5.33% Expenses Without Waivers, Reimbursements and Earnings Credits 0.33% 0.33% 0.33% 0.24% 0.25% 0.26% Net Investment Income Without Waivers, Reimbursements and Earnings Credits .......................................... 6.16% 5.79% 4.89% 5.50% 5.37% 5.33% ==================================================================================================================================
# Short periods have been annualized. ^ Formerly Chase Vista Prime Money Market Fund. See notes to financial statements. 95 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
Prime Money Market Fund II^ --------------------------------------------------- B Shares --------------------------------------------------- 9/1/00 Year Ended August 31, Through ----------------------------------------- 2/28/01 2000 1999 1998 1997 1996 ------- ----- ----- ----- ----- ----- Per Share Operating Performance Net Asset Value, Beginning of Period .......................... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ----- ----- ----- ----- ----- ----- Income from Investment Operations: Net Investment Income ....................................... 0.03 0.05 0.04 0.05 0.04 0.04 Less Dividends from Net Investment Income ................. 0.03 0.05 0.04 0.05 0.04 0.04 ----- ----- ----- ----- ----- ----- Net Asset Value, End of Period ................................ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ===== ===== ===== ===== ===== ===== Total Return .................................................. 2.66% 4.97% 4.07% 4.60% 4.33% 4.25% Ratios/Supplemental Data: Net Assets, End of Period (millions) ........................ $ 12 $ 11 $ 36 $ 29 $ 10 $ 16 Ratios to Average Net Assets:# Expenses .................................................... 1.24% 1.25% 1.25% 1.25% 1.35% 1.47% Net Investment Income ....................................... 5.25% 4.87% 4.00% 4.49% 4.27% 4.17% Expenses Without Waivers, Reimbursements and Earnings Credits 1.25% 1.27% 1.47% 1.50% 1.53% 1.71% Net Investment Income Without Waivers, Reimbursements and Earnings Credits .......................................... 5.24% 4.85% 3.78% 4.24% 4.09% 3.93% ======================================================================================================================
# Short periods have been annualized. ^ Formerly Chase Vista Prime Money Market Fund. See notes to financial statements. 96 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
Prime Money Market Fund II^ ------------------------------------------------------------------------------------- C Shares Vista Shares Reserve Shares ------------------------------------ -------------------------- ----------------- Year 9/1/00 Year Ended 5/14/98* 9/1/00 Ended 10/1/98* 9/1/00 7/31/00* Through ----------------- Through Through ------- Through Through Through 2/28/01 8/31/00 8/31/99 8/31/98 2/28/01 8/31/00 8/31/99 2/28/01 8/31/00 ------- ------- ------- ------- ------- ------- ------- ------- ------- Per Share Operating Performance Net Asset Value, Beginning of Period ......... $1.00 $1.00 $1.00 $1.00 $ 1.00 $ 1.00 $1.00 $ 1.00 $1.00 ----- ----- ----- ----- ------- ------ ----- -------- ----- Income from Investment Operations: Net Investment Income ..................... 0.03 0.05 0.04 0.01 0.03 0.06 0.04 0.03 0.01 Less Dividends from Net Investment Income 0.03 0.05 0.04 0.01 0.03 0.06 0.04 0.03 0.01 ----- ----- ----- ----- ------- ------ ----- -------- ----- Net Asset Value, End of Period ............... $1.00 $1.00 $1.00 $1.00 $ 1.00 $ 1.00 $1.00 $ 1.00 $1.00 ===== ===== ===== ===== ======= ====== ===== ======== ===== Total Return ................................. 2.68% 4.95% 3.85% 1.29% 2.99% 5.65% 4.26% 2.88% 0.50% Ratios/Supplemental Data: Net Assets, End of Period (millions) ...... $ + $ + $ + $ + $10,209 $1,475 $ 515 $ + $ + Ratios to Average Net Assets:# Expenses .................................. 1.24% 1.26% 1.45% 1.50% 0.59% 0.59% 0.59% 0.80% 0.79% Net Investment Income ..................... 5.25% 4.86% 3.75% 4.21% 5.90% 5.53% 4.61% 5.69% 5.33% Expenses Without Waivers, Reimbursements and Earnings Credits .................... 1.25% 1.26% 1.45% 1.50% 0.60% 0.61% 0.72% 700.65% 1.45% Net Investment Income Without Waivers, Reimbursements and Earnings Credits ..... 5.24% 4.86% 3.75% 4.21% 5.89% 5.51% 4.48% (694.16%) 4.67% ====================================================================================================================================
# Short periods have been annualized. * Commencement of offering of classes of shares. + Amount rounds to less than one million. ^ Formerly Chase Vista Prime Money Market Fund. See notes to financial statements. 97 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
Tax Free Money Market Fund^ ---------------------------------------------------------------------------------- Vista Shares Reserve Shares -------------------------------------------------------- -------------------- 9/1/00 Year Ended August 31, 9/1/00 7/31/00* Through -------------------------------------------- Through Through 2/28/01 2000 1999 1998 1997 1996 2/28/01 8/31/00 ------- ---- ---- ---- ---- ---- ------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period ......... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ----- ----- ----- ----- ----- ----- ----- ----- Income from Investment Operations: Net Investment Income ...................... 0.02 0.03 0.03 0.03 0.03 0.03 0.02 -- Less Dividends from Net Investment Income 0.02 0.03 0.03 0.03 0.03 0.03 0.02 -- ----- ----- ----- ----- ----- ----- ----- ----- Net Asset Value, End of Period ............... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ===== ===== ===== ===== ===== ===== ===== ===== Total Return ................................. 1.78% 3.37% 2.73% 3.10% 3.12% 2.92% 1.68% 0.30% Ratios/Supplemental Data: Net Assets, End of Period (millions) ....... $ 973 $ 895 $ 754 $ 733 $ 566 $ 574 $ + $ + Ratios to Average Net Assets:# Expenses ................................... 0.59% 0.59% 0.59% 0.59% 0.59% 0.69% 0.83% 0.79% Net Investment Income ...................... 3.56% 3.33% 2.68% 3.05% 3.08% 2.89% 3.33% 3.13% Expenses Without Waivers, Reimbursements and Earnings Credits ......................... 0.70% 0.75% 0.73% 0.72% 0.73% 0.80% 1883.58% 1.44% Net Investment Income Without Waivers, Reimbursements and Earnings Credits ...... 3.45% 3.17% 2.54% 2.92% 2.94% 2.78% (1879.42%) 2.48% ===================================================================================================================================
* Commencement of offering of class of shares. # Short periods have been annualized. + Amount rounds to less than one million. ^ Formerly Chase Vista Tax Free Money Market Fund. See notes to financial statements. 98 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
Tax Free Money Market Fund^ --------------------------------------------------- Premier Shares --------------------------------------------------- 9/1/00 Year Ended August 31, Through ------------------------------------------ 2/28/01 2000 1999 1998 1997 1996 ------- ---- ---- ---- ---- ------ Per Share Operating Performance Net Asset Value, Beginning of Period ........................................ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ----- ----- ----- ----- ----- ----- Income from Investment Operations: Net Investment Income .................................................... 0.02 0.03 0.03 0.03 0.03 0.03 Less Dividends from Net Investment Income ............................. 0.02 0.03 0.03 0.03 0.03 0.03 ----- ----- ----- ----- ----- ----- Net Asset Value, End of Period .............................................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ===== ===== ===== ===== ===== ===== Total Return ................................................................ 1.82% 3.41% 2.78% 3.17% 3.19% 3.12% Ratios/Supplemental Data: Net Assets, End of Period (millions) ..................................... $ 99 $ 120 $ 130 $ 133 $ 105 $ 145 Ratio to Average Net Assets:# Expenses ................................................................. 0.51% 0.55% 0.54% 0.53% 0.53% 0.58% Net Investment Income .................................................... 3.66% 3.40% 2.74% 3.10% 3.13% 3.08% Expenses Without Waivers, Reimbursements and Earnings Credits ............ 0.51% 0.59% 0.56% 0.53% 0.53% 0.73% Net Investment Income Without Waivers, Reimbursements and Earnings Credits 3.66% 3.26% 2.72% 3.10% 3.13% 2.93% ==================================================================================================================================
# Short periods have been annualized. ^ Formerly Chase Vista Tax Free Money Market Fund. See notes to financial statements. 99 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
Tax Free Money Market Fund^ ---------------------------------------------------- Institutional Shares ---------------------------------------------------- 9/1/00 Year Ended August 31, Through ------------------------------------------ 2/28/01 2000 1999 1998 1997 1996 ------- ----- ----- ----- ----- ------ Per Share Operating Performance Net Asset Value, Beginning of Period ....................................... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ----- ----- ----- ----- ----- ----- Income from Investment Operations: Net Investment Income .................................................... 0.02 0.04 0.03 0.03 0.04 0.03 Less Dividends from Net Investment Income ............................. 0.02 0.04 0.03 0.03 0.04 0.03 ----- ----- ----- ----- ----- ----- Net Asset Value, End of Period ............................................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ===== ===== ===== ===== ===== ===== Total Return ............................................................... 1.95% 3.71% 3.07% 3.45% 3.45% 3.40% Ratios/Supplemental Data: Net Assets, End of Period (millions) ..................................... $ 704 $ 640 $ 476 $ 410 $ 286 $ 149 Ratio to Average Net Assets:# Expenses ................................................................. 0.26% 0.26% 0.26% 0.26% 0.26% 0.31% Net Investment Income .................................................... 3.88% 3.67% 3.01% 3.37% 3.41% 3.33% Expenses Without Waivers, Reimbursements and Earnings Credits ............ 0.35% 0.39% 0.35% 0.26% 0.26% 0.31% Net Investment Income Without Waivers, Reimbursements and Earnings Credits 3.79% 3.54% 2.92% 3.37% 3.41% 3.33% ==================================================================================================================================
# Short periods have been annualized. ^ Formerly Chase Vista Tax Free Money Market Fund. See notes to financial statements. 100 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
New York Tax Free Money Market Fund^ --------------------------------------------------------------------------------- Vista Shares Reserve Shares --------------------------------------------------------- --------------------- 9/1/00 Year Ended August 31, 9/1/00 7/31/00* Through ---------------------------------------------- Through Through 2/28/01 2000 1999 1998 1997 1996 2/28/01 8/31/00 ------- ------ ------ ------ ----- ----- ---------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00 $1.00 ------ ------ ------ ------ ----- ----- ----- ----- Income from Investment Operations: Net Investment Income ..................... 0.02 0.03 0.03 0.03 0.03 0.03 0.02 -- Less Dividends from Net Investment Income 0.02 0.03 0.03 0.03 0.03 0.03 0.02 -- ------ ------ ------ ------ ----- ----- ----- ----- Net Asset Value, End of Period ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00 $1.00 ====== ====== ====== ====== ===== ===== ===== ===== Total Return ................................. 1.72% 3.27% 2.66% 3.03% 3.02% 2.85% 1.62% 0.28% Ratios/Supplemental Data: Net Assets, End of Period (millions) ...... $2,221 $1,831 $1,505 $1,372 $ 957 $ 890 $ + $ + Ratio to Average Net Assets:# Expenses .................................. 0.59% 0.59% 0.59% 0.59% 0.59% 0.74% 0.79% 0.79% Net Investment Income ..................... 3.42% 3.24% 2.61% 2.97% 2.97% 2.79% 3.20% 3.04% Expenses Without Waivers, Reimbursements and Earnings Credits .................... 0.70% 0.70% 0.71% 0.72% 0.73% 0.83% 1884.09% 1.49% Net Investment Income Without Waivers, Reimbursements and Earnings Credits ..... 3.31% 3.13% 2.49% 2.84% 2.83% 2.70% (1880.10%) 2.34% ===================================================================================================================================
* Commencement of offering of class of shares. # Short periods have been annualized. + Amount rounds to less than one million. ^ Formerly Chase Vista New York Tax Free Money Market Fund. See notes to financial statements. 101 JPMorgan Funds - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) FINANCIAL HIGHLIGHTS (unaudited)
California Tax Free Money Market Fund^ ---------------------------------------------------- Vista Shares ---------------------------------------------------- 9/1/00 Year Ended August 31, Through ------------------------------------------ 2/28/01 2000 1999 1998 1997 1996 ------- ---- ---- ---- ---- ----- Per Share Operating Performance Net Asset Value, Beginning of Period ..................................... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ----- ----- ----- ----- ----- ----- Income from Investment Operations: Net Investment Income .................................................... 0.01 0.03 0.03 0.03 0.03 0.03 Less Dividends from Net Investment Income ............................ 0.01 0.03 0.03 0.03 0.03 0.03 ----- ----- ----- ----- ----- ----- Net Asset Value, End of Period .............................................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ===== ===== ===== ===== ===== ===== Total Return ................................................................ 1.49% 3.00% 2.66% 2.97% 3.02% 3.06% Ratios/Supplemental Data: Net Assets, End of Period (millions) ..................................... $ 89 $ 78 $ 68 $ 50 $ 46 $ 43 Ratio of Average Net Assets:# Expenses ................................................................. 0.55% 0.55% 0.55% 0.55% 0.56% 0.56% Net Investment Income .................................................... 2.97% 3.03% 2.55% 2.89% 2.99% 3.03% Expenses Without Waivers, Reimbursements and Earnings Credits ............ 0.81% 0.90% 0.94% 0.93% 0.86% 1.02% Net Investment Income Without Waivers, Reimbursements and Earnings Credits 2.71% 2.68% 2.16% 2.51% 2.69% 2.57% ===================================================================================================================================
# Short periods have been annualized. ^ Formerly Chase Vista California Tax Free Money Markey Fund. See notes to financial statements. 102 - -------------------------------------------------------------------------------- JPMorgan Funds Funds Special Meeting of Shareholders (unaudited) A Special Meeting of Shareholders was held on October 5, 2000 at 1211 Avenue of the Americas, New York, New York for purposes of approving an Agreement and Plan of Reorganization (the "Reorganization Plan") between Chase Vista Prime Money Market Fund (the "acquiring fund") and Chase Vista Cash Management Fund (the "acquired fund"), each a series of Mutual Fund Trust. Under the Reorganization Plan, the acquired fund would transfer all of its asset 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. A majority of shareholders of Chase Vista Cash Management Fund approved the Reorganization Plan by the following vote: For 5,404,982,866 Against 98,099,682 Abstain 228,283,848 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 Prime Money Market Fund (the "acquiring fund"), a series of Mutual Fund Trust, and Chase Money Market Fund (the "acquired fund"), a series of Mutual Fund Investment Trust. Under the Reorganization Plan, the acquired fund would transfer all of its asset 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. A majority of shareholders of Chase Money Market Fund approved the Reorganization Plan by the following vote: For 152,977,629 Against 911,172 Abstain 5,944,315 103 [This page intentionally left blank] ---------------------------------------------- JPMorgan Money Market 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 Thacher & Bartlett 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 distributions to prospective investors in the funds unless preceded or accompanied by a prospectus. The financial information in this report has been taken from the books and records of the funds without examination by independent accountants, 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) JPMorgan Chase & Co., 2001 All Rights Reserved. April 2001 ANMM-2-401 - -------------------------------------------------------------------------------- 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 -----END PRIVACY-ENHANCED MESSAGE-----