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<PAGE> PAGE 2
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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 8
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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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SIGNATURE GEORGE A. RIO
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated April 30,1999 for the J.P. Morgan California Bond 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> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 79057
<INVESTMENTS-AT-VALUE> 80529
<RECEIVABLES> 1162
<ASSETS-OTHER> 19
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81710
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 217
<TOTAL-LIABILITIES> 217
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<SHARES-COMMON-STOCK> 6161
<SHARES-COMMON-PRIOR> 4537
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1472
<NET-ASSETS> 81493
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2957
<OTHER-INCOME> 0
<EXPENSES-NET> 351
<NET-INVESTMENT-INCOME> 2606
<REALIZED-GAINS-CURRENT> 386
<APPREC-INCREASE-CURRENT> 962
<NET-CHANGE-FROM-OPS> 3954
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2068
<DISTRIBUTIONS-OF-GAINS> 271
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3086
<NUMBER-OF-SHARES-REDEEMED> 1568
<SHARES-REINVESTED> 106
<NET-CHANGE-IN-ASSETS> 29402
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 271
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 201
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 500
<AVERAGE-NET-ASSETS> 52702
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> .41
<PER-SHARE-GAIN-APPREC> .25
<PER-SHARE-DIVIDEND> .41
<PER-SHARE-DISTRIBUTIONS> .05
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.40
<EXPENSE-RATIO> .49
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated April 30, 1999 for the J.P.Morgan Tax Aware Enhanced Income Fund
and is qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 79057
<INVESTMENTS-AT-VALUE> 80529
<RECEIVABLES> 1162
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<TOTAL-LIABILITIES> 217
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 1645
<SHARES-COMMON-PRIOR> 561
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 101
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1472
<NET-ASSETS> 81493
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2957
<OTHER-INCOME> 0
<EXPENSES-NET> 351
<NET-INVESTMENT-INCOME> 2606
<REALIZED-GAINS-CURRENT> 386
<APPREC-INCREASE-CURRENT> 962
<NET-CHANGE-FROM-OPS> 3954
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 539
<DISTRIBUTIONS-OF-GAINS> 61
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1682
<NUMBER-OF-SHARES-REDEEMED> 652
<SHARES-REINVESTED> 54
<NET-CHANGE-IN-ASSETS> 29402
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 271
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 201
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 500
<AVERAGE-NET-ASSETS> 14335
<PER-SHARE-NAV-BEGIN> 10.35
<PER-SHARE-NII> .40
<PER-SHARE-GAIN-APPREC> .26
<PER-SHARE-DIVIDEND> .40
<PER-SHARE-DISTRIBUTIONS> .04
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.57
<EXPENSE-RATIO> .65
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Report of Independent Accountants
To the Shareholders and Trustees of
J.P. Morgan California Bond Fund
In planning and performing our audit of the financial statements of J.P. Morgan
California Bond Fund (the "Fund") for the year ended April 30, 1999, we
considered its 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 Fund 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 April 30, 1999. This report is
intended solely for the information and use of management and the Trustees of
the Fund and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
June 14, 1999
To the Shareholders and Trustees of
J.P. Morgan California Bond Fund
Chg. Code: 62392-180-1
