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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 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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<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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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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015 A000901 STATE STREET BANK AND TRUST COMPANY
015 B000901 C
015 C010901 BOSTON
015 C020901 MA
015 C030901 02101
015 E010901 X
024 000900 N
025 D000901 0
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<PAGE> PAGE 22
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060 A000900 Y
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<PAGE> PAGE 23
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066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
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070 A020900 N
070 B010900 N
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 N
070 M010900 Y
070 M020900 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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SIGNATURE RICHARD W. INGRAM
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
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qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
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</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 annual report
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</LEGEND>
<MULTIPLIER> 1,000
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</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 Annual report
dated october 31, 1999 for the J.P. Morgan Global 50 Fund and is qualified in
its entirety by reference to such annual report
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
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</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 annual report
dated October 31, 1999 for the J.P. Morgan Institutional Tax Aware Enhanced
Income Fund and is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
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[AVG-DEBT-OUTSTANDING] 0
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</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 annual report
dated October 31, 1999 for the J.P. Morgan Select Shares and is qualified in its
entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> OCT-31-1999
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</TABLE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: Tax Aware U S Equity Fund Security Description: IPO -
Common Stock - 69,000,000 Shares
Issuer: Goldman Sachs Group, Inc. Offering Type: US Registered
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C>
1. Offering Date May 3, 1999 None N/A
----------- ---
2. Trade Date May 3, 1999 Must be the same as #1 Yes
----------- ---
3. Unit Price of Offering $53.00 None N/A
------ ---
4. Price Paid per Unit $53.00 Must not exceed #3 Yes
------ ---
5. Years of Issuer's Operations 130 Must be at least three years * Yes
--- ---
6. Underwriting Type Firm Must be firm Yes
7. Underwriting Spread $2.25 Investment Adviser determination to N/A
----- be made ---
8. Total Price paid by Portfolio $397,977 None N/A
-------- ---
9. Total Size of Offering $3,657,000,000 None N/A
-------------- ---
10. Total Price Paid by Portfolio plus Total $9,169,583 #10 divided by #9 must not exceed Yes
Price Paid for same securities purchased ---------- 25% ** ---
by the same investment adviser for other
investment companies
11. Underwriter(s) from whom the Portfolio Goldman Sachs Must not include Investment Adviser Yes
purchased (attach a prospectus or ------------- affiliates *** ---
offering circular for a list of all
syndicate members)
12. If the affiliate was lead or co-lead N/A Must be "Yes" or "N/A" N/A
manager, was the instruction listed below --- ---
given to the broker(s) named in #11? ****
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
</TABLE>
The Investment Adviser has no reasonable cause to believe that the underwriting
commission, spread or profit is NOT reasonable and fair compared to
underwritings of similar securities during a comparable period of time. In
determining which securities are comparable, the Investment Adviser has
considered the factors set forth in the Portfolio's 10f-3 procedures.
* Not applicable to munis. In the case of munis, (i) the issue must have
one investment grade rating or (ii) if the issuer or the revenue source
has been in operation for less than three years, the issue must have
one of the three highest ratings. Circle (i) or (ii), whichever is met.
** If an eligible Rule 144A offering, must not exceed 25% of the total
amount of same class sold to QIBs in the Rule 144A offering PLUS the
amount of the offering of the same class in any concurrent public
offering
*** For munis purchased from syndicate manager, check box to confirm that the
purchase was not designated as a group sale. [ ]
**** No credit for the purchase made for the Portfolio can be credited to the
Investment Adviser's affiliate.
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: Tax Aware Disciplined Equity Fund Security Description: IPO -
Common Stock-69,000,000 Shares
Issuer: Goldman Sachs Group, Inc. Offering Type: US Registered
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C>
1. Offering Date May 3, 1999 None N/A
----------- ---
2. Trade Date May 3, 1999 Must be the same as #1 Yes
----------- ---
3. Unit Price of Offering $53.00 None N/A
------ ---
4. Price Paid per Unit $53.00 Must not exceed #3 Yes
------ ---
5. Years of Issuer's Operations 130 Must be at least three years * Yes
--- ---
6. Underwriting Type Firm Must be firm Yes
7. Underwriting Spread $2.25 Investment Adviser determination to N/A
----- be made ---
8. Total Price paid by Portfolio $79,500 None N/A
------- ---
9. Total Size of Offering $3,657,000,000 None N/A
-------------- ---
10. Total Price Paid by Portfolio plus Total $9,169,583 #10 divided by #9 must not exceed Yes
---------- ---
Price Paid for same securities purchased 25% **
by the same investment adviser for other
investment companies
11. Underwriter(s) from whom the Portfolio Goldman Sachs Must not include Investment Adviser Yes
------------- ---
purchased (attach a prospectus or affiliates ***
offering circular for a list of all
syndicate members)
12. If the affiliate was lead or co-lead N/A Must be "Yes" or "N/A" N/A
manager, was the instruction listed below --- ---
given to the broker(s) named in #11? ****
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
</TABLE>
The Investment Adviser has no reasonable cause to believe that the underwriting
commission, spread or profit is NOT reasonable and fair compared to
underwritings of similar securities during a comparable period of time. In
determining which securities are comparable, the Investment Adviser has
considered the factors set forth in the Portfolio's 10f-3 procedures.
* Not applicable to munis. In the case of munis, (i) the issue must have
one investment grade rating or (ii) if the issuer or the revenue source
has been in operation for less than three years, the issue must have
one of the three highest ratings. Circle (i) or (ii), whichever is met.
** If an eligible Rule 144A offering, must not exceed 25% of the total
amount of same class sold to QIBs in the Rule 144A offering PLUS the
amount of the offering of the same class in any concurrent public
offering
*** For munis purchased from syndicate manager, check box to confirm that the
purchase was not designated as a group sale. [ ]
**** No credit for the purchase made for the Portfolio can be credited to the
Investment Adviser's affiliate.
2
Report of Independent Accountants
To the Trustees and Shareholders of
J.P. Morgan Tax Aware U.S. Equity Fund and
J.P. Morgan Tax Aware Disciplined Equity 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 Tax Aware Disciplined Equity Fund
(the "Funds") for the year ended October 31, 1999, 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 controls may become inadequate
because of changes in conditions or that the effectiveness of their 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, 1999.
This report is intended solely for the information and use of the 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.
December 15, 1999
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPMorgan Global 50 Fund Security Description: IPO -Common
----------------------- Stock - 69,000,000 Shares
-------------------------
Issuer: Goldman Sachs Group, Inc. Offering Type: US Registered
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C>
1. Offering Date May 3, 1999 None N/A
----------- ---
2. Trade Date May 3, 1999 Must be the same as #1 Yes
----------- ---
3. Unit Price of Offering $53.00 None N/A
------ ---
4. Price Paid per Unit $53.00 Must not exceed #3 Yes
------ ---
5. Years of Issuer's Operations 130 Must be at least three years * Yes
--- ---
6. Underwriting Type Firm Must be firm Yes
7. Underwriting Spread $2.25 Investment Adviser determination to N/A
----- be made ---
8. Total Price paid by Portfolio $296,800 None N/A
-------- ---
9. Total Size of Offering $3,657,000,000 None N/A
-------------- ---
10. Total Price Paid by Portfolio plus Total $9,169,583 #10 divided by #9 must not exceed Yes
Price Paid for same securities purchased ---------- 25% ** ---
by the same investment adviser for other
investment companies
11. Underwriter(s) from whom the Portfolio Goldman Sachs Must not include Investment Adviser Yes
purchased (attach a prospectus or Int'l affiliates *** ---
offering circular for a list of all -----
syndicate members)
12. If the affiliate was lead or co-lead N/A Must be "Yes" or "N/A" N/A
manager, was the instruction listed below ---
given to the broker(s) named in #11? ****
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
</TABLE>
The Investment Adviser has no reasonable cause to believe that the underwriting
commission, spread or profit is NOT reasonable and fair compared to
underwritings of similar securities during a comparable period of time. In
determining which securities are comparable, the Investment Adviser has
considered the factors set forth in the Portfolio's 10f-3 procedures.
* Not applicable to munis. In the case of munis, (i) the issue must have
one investment grade rating or (ii) if the issuer or the revenue source
has been in operation for less than three years, the issue must have
one of the three highest ratings. Circle (i) or (ii), whichever is met.
** If an eligible Rule 144A offering, must not exceed 25% of the total
amount of same class sold to QIBs in the Rule 144A offering PLUS the
amount of the offering of the same class in any concurrent public
offering
*** For munis purchased from syndicate manager, check box to confirm that the
purchase was not designated as a group sale. [ ]
**** No credit for the purchase made for the Portfolio can be credited to the
Investment Adviser's affiliate.
2
Report of Independent Accountants
To the Trustees and Shareholders of
J.P. Morgan Global 50 Fund and
J.P. Morgan Tax Aware Enhanced Income Fund
In planning and performing our audit of the financial statements of J.P. Global
50 Fund for the year ended October 31, 1999 and J.P. Morgan Tax Aware Enhanced
Income Fund (the "Funds") for the period ended October 31, 1999, 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 controls may become inadequate
because of changes in conditions or that the effectiveness of their 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, 1999.
This report is intended solely for the information and use of the 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.
December 17, 1999