UNITED STATES                            -----------------------------
                      SECURITIES AND EXCHANGE COMMISSION                           OMB APPROVAL
                            WASHINGTON, D.C. 20549                        -----------------------------
                                                                           OMB NUMBER:       3235-0360
                                 FORM N-17f-2                              EXPIRES:      JULY 31, 1994
                                                                           ESTIMATED AVERAGE BURDEN
              Certificate of Accounting of Securities and Similar          HOURS PER RESPONSE   ...0.05
                         Investments in the Custody of                    -----------------------------
                        Management Investment Companies
                   Pursuant to Rule 17f-2 [17 CFR 270.17f-2]




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1. Investment Company Act File Number:                                          Date examination completed:

811-8358                                                                        July 31, 2003
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2. State identification Number:
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     AL                AK                AZ                AR                CA                CO
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     CT                DE                DC                FL                GA                HI
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     ID                IL                IN                IA                KS                KY
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     LA                ME                MD                MA                MI                MN
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     MS                MO                MT                NE                NV                NH
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     NJ                NM                NY                NC                ND                OH
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     OK                OR                PA                RI                SC                SD
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     TN                TX                UT                VT                VA                WA
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     WV                WI                WY                PUERTO RICO
     ---------------   ---------------   ---------------   ---------------------------------------------------
     Other (specify):
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3. Exact name of investment company as specified in registration statement:

J.P. Morgan Mutual Fund Trust
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4. Address of principal executive office (number, street, city, state, zip code):

Stephen M. Ungerman, 522 Fifth Avenue, New York, New York 10036
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INSTRUCTIONS

This Form must be completed by investment companies that have custody of
securities or similar investments.

INVESTMENT COMPANY

1.   All items must be completed by the investment company.

2.   Give this Form to the independent public accountant who, in compliance with
     Rule 17f-2 under the Act and applicable state law, examines securities and
     similar investments in the custody of the investment company.

ACCOUNTANT

3.   Submit this Form to the Securities and Exchange Commission and appropriate
     state securities administrators when filing the certificate of accounting
     required by Rule 17f-2 under the Act and applicable state law. File the
     original and one copy with the Securities and Exchange Commission's
     principal office in Washington, D.C., one copy with the regional office for
     the region in which the investment company's principal business operations
     are conducted, and one copy with the appropriate state administrator(s), if
     applicable.

          THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT

                                                                SEC 2198 (11-91)



    MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH CERTAIN PROVISIONS OF THE
                         INVESTMENT COMPANY ACT OF 1940


We, as members of management of the J.P. Morgan Mutual Fund Trust (the "Trust"),
are responsible for complying with the requirements of subsections (b) and (c)
of Rule 17f-2, Custody of Investments by Registered Management Investment
Companies, of the Investment Company Act of 1940. We are also responsible for
establishing and maintaining effective internal controls over compliance with
those requirements. We have performed an evaluation of the Trust's compliance
with the requirements of subsections (b) and (c) of Rule 17f-2 as of July 31,
2003, and from June 30, 2003 through July 31, 2003.

Based on this evaluation, we assert that the Trust was in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of July 31, 2003, and from June 30, 2003 through July 31, 2003,
with respect to securities reflected in the investment accounts of the Trust.


By:          Stephen M. Ungerman                     Date:  October 24, 2003



October 24, 2003

To the Trustees of
J.P. Morgan Mutual Fund Trust:

We have examined management's assertions, included in the accompanying
Management Statement Regarding Compliance with Certain Provisions of the
Investment Company Act of 1940, about the J.P. Morgan Mutual Fund Trust (the
"Trust") compliance with the requirements of subsections (b) and (c) of Rule
17f-2 under the Investment Company Act of 1940 (the "Act") as of July 31, 2003.
Management is responsible for the Trust's compliance with those requirements.
Our responsibility is to express an opinion on management's assertions about the
Trust's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis evidence about the Trust's
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. Included among our procedures were
the following tests performed as of July 31, 2003, and with respect to agreement
of security purchases and sales, for the period from June 30, 2003 through July
31, 2003:

- -    Count and inspection of all securities located in the vault of the JP
     Morgan Chase Bank, New York (the "Custodian") at 4 New York Plaza, 11th
     Floor, NY, NY, 11245 without prior notice to management;

- -    Confirmation of all securities held in book entry form at the Depository
     Trust Company.

- -    Testing of securities and similar investments held in book entry by the
     Depository Trust Company via evaluation of the reconciliation procedures
     used by the Custodian and disposition of any reconciling items related to
     the Trust's positions;

- -    Reconciliation of all such securities to the books and records of the Trust
     and the Custodian;

- -    Confirmation of all repurchase agreements with brokers/banks and agreement
     of underlying collateral with the Custodian's records;

- -    Agreement of selected security purchases and selected security sales or
     maturities since our last report from the books and records of the Trust to
     broker statements.

We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide legal determination on the Trust's compliance with
specified requirements.



In our opinion, management's assertion that the J.P. Morgan Mutual Fund Trust
was in compliance with the requirement of sub sections (b) and (c) of Rule 17f-2
of the Investment Company Act of 1940 as of July 31, 2003 with respect to
securities reflected in the investment accounts of the Trust is fairly stated,
in all material respects.

This report is intended solely for the information and use of the Board of
Trustees, management, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.


PricewaterhouseCoopers

October 24, 2003