Report of Independent Accountants
To the Trustees and Shareholders of
J.P. Morgan Tax Aware Disciplined Equity Fund
In planning and performing our audit of the financial
statements of J.P. Morgan Tax Aware Disciplined Equity
Fund (the Fund) for the year ended October 31, 2000, 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 entitys 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 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, 2000.
This report is intended solely for the information and use of
the Trustees of the Fund, 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 21, 2000
To the Trustees and Shareholders of
J.P. Morgan Tax Aware Disciplined Equity Fund
