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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<DIVIDEND-INCOME> 434
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<OTHER-INCOME> 0
<EXPENSES-NET> 519
<NET-INVESTMENT-INCOME> 149
<REALIZED-GAINS-CURRENT> (5468)
<APPREC-INCREASE-CURRENT> (5830)
<NET-CHANGE-FROM-OPS> 11149
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6809
<NUMBER-OF-SHARES-REDEEMED> 1083
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 76486
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 433
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 717
<AVERAGE-NET-ASSETS> 82584
<PER-SHARE-NAV-BEGIN> 15.00
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> (1.86)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.36
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated October 31, 1998 for the J.P. Morgan Institutional Tax Aware Disiplined
Equity Fund and is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 81109
<INVESTMENTS-AT-VALUE> 89773
<RECEIVABLES> 774
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 90548
<PAYABLE-FOR-SECURITIES> 304
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 165
<TOTAL-LIABILITIES> 469
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82316
<SHARES-COMMON-STOCK> 6123
<SHARES-COMMON-PRIOR> 995
<ACCUMULATED-NII-CURRENT> 73
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (975)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8665
<NET-ASSETS> 90079
<DIVIDEND-INCOME> 809
<INTEREST-INCOME> 38
<OTHER-INCOME> 0
<EXPENSES-NET> 307
<NET-INVESTMENT-INCOME> 540
<REALIZED-GAINS-CURRENT> (955)
<APPREC-INCREASE-CURRENT> 7810
<NET-CHANGE-FROM-OPS> 7395
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 523
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 74413
<NUMBER-OF-SHARES-REDEEMED> 3775
<SHARES-REINVESTED> 518
<NET-CHANGE-IN-ASSETS> 78053
<ACCUMULATED-NII-PRIOR> 56
<ACCUMULATED-GAINS-PRIOR> (20)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 195
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 568
<AVERAGE-NET-ASSETS> 55738
<PER-SHARE-NAV-BEGIN> 12.08
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 2.68
<PER-SHARE-DIVIDEND> .16
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.71
<EXPENSE-RATIO> .55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Report of Independent Accountants
To the Shareholders and Trustees of
J.P. Morgan Tax Aware U.S. Equity Fund
J.P. Morgan Institutional Tax Aware Disciplined Equity Fund and
J.P. Morgan Global 50 Fund
In planning and performing our audit of the financial statements of J.P. Morgan
Tax Aware U.S. Equity Fund and J.P. Morgan Institutional Tax Aware Disciplined
Equity Fund for the year ended October 31, 1998, and J.P. Morgan Global 50 Fund
(the "Funds") for the period May 29, 1998 (commencement of operations) through
October 31, 1998, we considered their internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1998.
This report is intended solely for the information and use of management and the
Trustees of the Funds and the Securities and Exchange Commission.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
December 17, 1998
