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CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in this Registration
Statement on Form N-1A of our reports dated September 15, 2000, relating to the
financial statements and financial highlights which appear in the July 31, 2000
Annual Reports to the Trustees and Shareholders of J.P. Morgan Institutional
Emerging Markets Debt Fund, J.P. Morgan Institutional Tax Exempt Bond Fund and
J.P. Morgan Institutional New York Tax Exempt Bond Fund, which are also
incorporated by reference into the Registration Statement. We also consent to
the references to us under the headings "Independent Accountants", "Financial
Statements" and "Financial Highlights" in such Registration Statement.
PricewaterhouseCoopers LLP
New York, New York
November 28, 2000
