<PAGE> PAGE 1
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<PAGE> PAGE 2
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007 C022100 J.P. MORGAN GLOBAL STRATEGIC INCOME FUND
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<PAGE> PAGE 3
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<PAGE> PAGE 4
013 A00AA01 PRICE WATERHOUSE LLP
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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
072 R000500 6
072 S000500 0
072 T000500 0
072 U000500 4
072 V000500 0
072 W000500 21
072 X000500 121
072 Y000500 12
072 Z000500 213
072AA000500 0
072BB000500 7144
072CC010500 8978
072CC020500 0
072DD010500 315
072DD020500 0
072EE000500 0
073 A010500 0.0800
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 58072
074 J000500 0
074 K000500 5
074 L000500 38
074 M000500 7
074 N000500 58122
074 O000500 0
074 P000500 14
074 Q000500 0
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074 R030500 0
074 R040500 52
074 S000500 0
074 T000500 58056
074 U010500 5906
074 U020500 0
074 V010500 9.83
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074 X000500 863
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075 A000500 0
<PAGE> PAGE 22
075 B000500 52802
076 000500 0.00
028 A012100 1593
028 A022100 6
028 A032100 0
028 A042100 0
028 B012100 2369
028 B022100 20
028 B032100 0
028 B042100 0
028 C012100 1805
028 C022100 30
028 C032100 0
028 C042100 0
028 D012100 3774
028 D022100 36
028 D032100 0
028 D042100 2
028 E012100 741
028 E022100 34
028 E032100 0
028 E042100 23
028 F012100 1200
028 F022100 34
028 F032100 0
028 F042100 363
028 G012100 11482
028 G022100 160
028 G032100 0
028 G042100 388
028 H002100 0
055 A002100 N
055 B002100 N
056 002100 N
057 002100 N
061 002100 2500
070 A012100 Y
070 A022100 N
070 B012100 N
070 B022100 N
070 C012100 Y
070 C022100 N
070 D012100 N
070 D022100 N
070 E012100 Y
070 E022100 N
070 F012100 N
070 F022100 N
070 G012100 Y
070 G022100 N
070 H012100 N
<PAGE> PAGE 23
070 H022100 N
070 I012100 N
070 I022100 N
070 J012100 Y
070 J022100 N
070 K012100 Y
070 K022100 Y
070 L012100 Y
070 L022100 N
070 M012100 Y
070 M022100 N
070 N012100 Y
070 N022100 N
070 O012100 Y
070 O022100 N
070 P012100 Y
070 P022100 N
070 Q012100 N
070 Q022100 N
070 R012100 Y
070 R022100 N
071 A002100 0
071 B002100 0
071 C002100 0
071 D002100 0
072 A002100 6
072 B002100 0
072 C002100 0
072 D002100 0
072 E002100 220
072 F002100 0
072 G002100 1
072 H002100 0
072 I002100 18
072 J002100 0
072 K002100 0
072 L002100 7
072 M002100 0
072 N002100 10
072 O002100 0
072 P002100 0
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072 R002100 6
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072 X002100 47
072 Y002100 35
072 Z002100 208
<PAGE> PAGE 24
072AA002100 0
072BB002100 24
072CC012100 102
072CC022100 0
072DD012100 220
072DD022100 0
072EE002100 0
073 A012100 0.3600
073 A022100 0.0000
073 B002100 0.0000
073 C002100 0.0000
074 A002100 0
074 B002100 0
074 C002100 0
074 D002100 0
074 E002100 0
074 F002100 0
074 G002100 0
074 H002100 0
074 I002100 11304
074 J002100 0
074 K002100 6
074 L002100 65
074 M002100 29
074 N002100 11404
074 O002100 0
074 P002100 2
074 Q002100 0
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074 S002100 0
074 T002100 11320
074 U012100 1093
074 U022100 0
074 V012100 10.35
074 V022100 0.00
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074 X002100 80
074 Y002100 0
075 A002100 0
075 B002100 6290
076 002100 0.00
SIGNATURE DOUGLAS C. CONROY
TITLE ASSISTANT 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 semi-annual
report dated 4/30/98 for the J.P. Morgan Federal Money Market Fund and is
qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 338481
<RECEIVABLES> 0
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 338482
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 677
<TOTAL-LIABILITIES> 677
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 337805
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 337805
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8958
<OTHER-INCOME> 0
<EXPENSES-NET> 653
<NET-INVESTMENT-INCOME> 8305
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8304
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8304
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1123008
<NUMBER-OF-SHARES-REDEEMED> 1029718
<SHARES-REINVESTED> 5441
<NET-CHANGE-IN-ASSETS> 98731
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 763
<AVERAGE-NET-ASSETS> 323538
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .026
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .026
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .41
<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 4/30/98 for the J.P. Morgan Short Term Bond Fund and is qualified
in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 22876
<RECEIVABLES> 409
<ASSETS-OTHER> 1
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<TOTAL-ASSETS> 23286
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 66
<TOTAL-LIABILITIES> 66
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23266
<SHARES-COMMON-STOCK> 2357
<SHARES-COMMON-PRIOR> 1474
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 46
<ACCUM-APPREC-OR-DEPREC> 1
<NET-ASSETS> 23220
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 627
<EXPENSES-NET> 25
<NET-INVESTMENT-INCOME> 602
<REALIZED-GAINS-CURRENT> 3
<APPREC-INCREASE-CURRENT> (13)
<NET-CHANGE-FROM-OPS> 592
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 603
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1192
<NUMBER-OF-SHARES-REDEEMED> 356
<SHARES-REINVESTED> 47
<NET-CHANGE-IN-ASSETS> 8700
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 49
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 62
<AVERAGE-NET-ASSETS> 20537
<PER-SHARE-NAV-BEGIN> 9.85
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .29
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.85
<EXPENSE-RATIO> .5
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 00
</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, 1998 for the J.P. Morgan Bond Fund and is qualified in
its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 194,130
<RECEIVABLES> 61
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 194,193
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169
<TOTAL-LIABILITIES> 169
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,321
<SHARES-COMMON-STOCK> 18,561
<SHARES-COMMON-PRIOR> 16,244
<ACCUMULATED-NII-CURRENT> 66
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 624
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,013
<NET-ASSETS> 194024
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 6,129
<EXPENSES-NET> 265
<NET-INVESTMENT-INCOME> 5,864
<REALIZED-GAINS-CURRENT> 639
<APPREC-INCREASE-CURRENT> (131)
<NET-CHANGE-FROM-OPS> 6,371
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,870
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,383
<NUMBER-OF-SHARES-REDEEMED> 3,577
<SHARES-REINVESTED> 511
<NET-CHANGE-IN-ASSETS> 24,790
<ACCUMULATED-NII-PRIOR> 72
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 15
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 265
<AVERAGE-NET-ASSETS> 183,741
<PER-SHARE-NAV-BEGIN> 10.42
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> 0.03
<PER-SHARE-DIVIDEND> 0.33
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.45
<EXPENSE-RATIO> 0.66
<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 04/30/98 for the J.P. Morgan International
Equity Fund and is qualified in its entirety by reference to such semi-
annual report
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 113324
<RECEIVABLES> 22
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 113349
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84
<TOTAL-LIABILITIES> 84
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 91108
<SHARES-COMMON-STOCK> 9760
<SHARES-COMMON-PRIOR> 13371
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 356
<ACCUMULATED-NET-GAINS> 1831
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20682
<NET-ASSETS> 113265
<DIVIDEND-INCOME> 912
<INTEREST-INCOME> 126
<OTHER-INCOME> 0
<EXPENSES-NET> 720
<NET-INVESTMENT-INCOME> 318
<REALIZED-GAINS-CURRENT> 1809
<APPREC-INCREASE-CURRENT> 13947
<NET-CHANGE-FROM-OPS> 16074
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4506
<DISTRIBUTIONS-OF-GAINS> 5060
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1079
<NUMBER-OF-SHARES-REDEEMED> 5360
<SHARES-REINVESTED> 670
<NET-CHANGE-IN-ASSETS> (33394)
<ACCUMULATED-NII-PRIOR> 3833
<ACCUMULATED-GAINS-PRIOR> 5082
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 9
<GROSS-EXPENSE> 720
<AVERAGE-NET-ASSETS> 122391
<PER-SHARE-NAV-BEGIN> 10.97
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 1.42
<PER-SHARE-DIVIDEND> .42
<PER-SHARE-DISTRIBUTIONS> .47
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.60
<EXPENSE-RATIO> 1.17
<AVG-DEBT-OUTSTANDING> 497
<AVG-DEBT-PER-SHARE> .04
</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 4/30/98 for the J.P. Morgan Emerging Markets Equity Fund and is
qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 58072
<RECEIVABLES> 38
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 58122
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 66
<TOTAL-LIABILITIES> 66
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 63141
<SHARES-COMMON-STOCK> 5906
<SHARES-COMMON-PRIOR> 4648
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (52)
<ACCUMULATED-NET-GAINS> (8328)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3295
<NET-ASSETS> 58056
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 322
<EXPENSES-NET> 109
<NET-INVESTMENT-INCOME> 213
<REALIZED-GAINS-CURRENT> (7144)
<APPREC-INCREASE-CURRENT> 8978
<NET-CHANGE-FROM-OPS> 2047
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 315
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3905
<NUMBER-OF-SHARES-REDEEMED> 2677
<SHARES-REINVESTED> 30
<NET-CHANGE-IN-ASSETS> 12612
<ACCUMULATED-NII-PRIOR> 49
<ACCUMULATED-GAINS-PRIOR> (1184)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 121
<AVERAGE-NET-ASSETS> 52802
<PER-SHARE-NAV-BEGIN> 9.78
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.07
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.83
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated 04/30/98 for J.P. Morgan Global Strategic Income Fund and is
qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 11304
<RECEIVABLES> 71
<ASSETS-OTHER> 29
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11404
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84
<TOTAL-LIABILITIES> 84
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11254
<SHARES-COMMON-STOCK> 1094
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 12
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 24
<ACCUM-APPREC-OR-DEPREC> 102
<NET-ASSETS> 11320
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 220
<EXPENSES-NET> 12
<NET-INVESTMENT-INCOME> 208
<REALIZED-GAINS-CURRENT> (24)
<APPREC-INCREASE-CURRENT> 102
<NET-CHANGE-FROM-OPS> 286
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 220
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1116
<NUMBER-OF-SHARES-REDEEMED> 37
<SHARES-REINVESTED> 15
<NET-CHANGE-IN-ASSETS> 11320
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 47
<AVERAGE-NET-ASSETS> 6290
<PER-SHARE-NAV-BEGIN> 10.21
<PER-SHARE-NII> .35
<PER-SHARE-GAIN-APPREC> .15
<PER-SHARE-DIVIDEND> .36
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.35
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
