<PAGE> PAGE 1
000 B000000 07/31/99
000 C000000 894089
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 J.P. MORGAN FUNDS
001 B000000 811-7340
001 C000000 6175573334
002 A000000 60 STATE STREET SUITE 1300
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 18
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C020600 J.P. MORGAN TAX EXEMPT BOND FUND
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C021700 J.P. MORGAN EMERGING MARKETS DEBT FUND
007 C031700 N
007 C011800 18
007 C011900 19
007 C012000 20
007 C022000 J.P. MORGAN NEW YORK TAX EXEMPT BOND FUND
007 C032000 N
007 C012100 21
007 C012200 22
007 C012300 23
<PAGE> PAGE 2
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
<PAGE> PAGE 3
007 C017500 75
007 C017600 76
007 C017700 77
007 C017800 78
007 C017900 79
007 C018000 80
007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
010 A00AA01 FUNDS DISTRIBUTOR,INC.
010 B00AA01 8-420518
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
010 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B00AA02 8-49999
010 C01AA02 NEW YORK
010 C02AA02 NY
010 C03AA02 10036
010 A00AA03 PIERPONT GROUP,INC.
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10017
011 A00AA01 FUNDS DISTRIBUTOR,INC.
011 B00AA01 8-420518
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 STATE STREET BANK & TRUST CO.
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
012 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
012 B00AA02 85-9999999
012 C01AA02 NEW YORK
012 C02AA02 NY
012 C03AA02 10036
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 FUNDS DISTRIBUTOR,INC.
014 B00AA01 8-420518
<PAGE> PAGE 4
014 A00AA02 JP MORGAN SECURITIES,INC.
014 B00AA02 8-99999
014 A00AA03 JP MORGAN SECURITIES LTD.
014 B00AA03 8-99999
014 A00AA04 BOSTON INSTITUTIONAL SERVICES INC
014 B00AA04 8-99999
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 71
019 C00AA00 J.P.MORGAN
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 THE NEW YORK TAX EXEMPT BOND PORTFOLIO
022 B000001 04-3221851
022 C000001 13194
022 D000001 14796
022 A000002 THE EMERGING MARKETS DEBT PORTFOLIO
022 B000002 98-0165588
022 C000002 17978
022 D000002 10448
022 A000003 THE TAX EXEMPT BOND PORTFOLIO
022 B000003 04-3194405
022 C000003 152937
022 D000003 159980
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
<PAGE> PAGE 5
022 C000010 0
022 D000010 0
023 C000000 184109
023 D000000 185224
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 N
048 00AA00 0.000
<PAGE> PAGE 6
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 GULF INSURANCE CO.
<PAGE> PAGE 7
080 C00AA00 25000
081 A00AA00 Y
081 B00AA00 19
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010600 13692
028 A020600 1116
028 A030600 0
028 A040600 18140
028 B010600 8017
028 B020600 1113
028 B030600 0
028 B040600 16808
028 C010600 7817
028 C020600 1088
028 C030600 0
028 C040600 7357
028 D010600 11161
028 D020600 1083
028 D030600 0
028 D040600 23089
028 E010600 8794
028 E020600 1048
028 E030600 0
028 E040600 6867
028 F010600 0
028 F020600 0
028 F030600 0
028 F040600 0
028 G010600 49481
028 G020600 5448
028 G030600 0
028 G040600 72261
<PAGE> PAGE 8
028 H000600 0
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 2500
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 0
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 11
<PAGE> PAGE 9
072 B000600 0
072 C000600 0
072 D000600 0
072 E000600 18626
072 F000600 0
072 G000600 126
072 H000600 0
072 I000600 1034
072 J000600 0
072 K000600 0
072 L000600 22
072 M000600 4
072 N000600 24
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 11
072 S000600 4
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 53
072 X000600 1278
072 Y000600 0
072 Z000600 17348
072AA000600 4012
072BB000600 0
072CC010600 0
072CC020600 17484
072DD010600 17346
072DD020600 0
072EE000600 781
073 A010600 0.4600
073 A020600 0.0000
073 B000600 0.0200
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 432436
074 J000600 0
074 K000600 3
074 L000600 0
074 M000600 3
074 N000600 432442
074 O000600 0
<PAGE> PAGE 10
074 P000600 101
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 656
074 S000600 0
074 T000600 431685
074 U010600 36670
074 U020600 0
074 V010600 11.77
074 V020600 0.00
074 W000600 0.0000
074 X000600 906
074 Y000600 0
075 A000600 0
075 B000600 450816
076 000600 0.00
028 A011700 262
028 A021700 154
028 A031700 0
028 A041700 5387
028 B011700 3981
028 B021700 134
028 B031700 0
028 B041700 2479
028 C011700 98
028 C021700 158
028 C031700 0
028 C041700 1522
028 D011700 4733
028 D021700 180
028 D031700 0
028 D041700 19
028 E011700 1380
028 E021700 203
028 E031700 0
028 E041700 3
028 F011700 5909
028 F021700 208
028 F031700 0
028 F041700 90
028 G011700 16363
028 G021700 1037
028 G031700 0
028 G041700 9500
028 H001700 0
055 A001700 N
055 B001700 Y
056 001700 N
057 001700 N
<PAGE> PAGE 11
058 A001700 N
059 001700 Y
060 A001700 N
060 B001700 N
061 001700 2500
070 A011700 Y
070 A021700 N
070 B011700 N
070 B021700 N
070 C011700 Y
070 C021700 N
070 D011700 N
070 D021700 N
070 E011700 Y
070 E021700 N
070 F011700 N
070 F021700 N
070 G011700 Y
070 G021700 N
070 H011700 N
070 H021700 N
070 I011700 N
070 I021700 N
070 J011700 Y
070 J021700 N
070 K011700 Y
070 K021700 Y
070 L011700 Y
070 L021700 N
070 M011700 Y
070 M021700 N
070 N011700 Y
070 N021700 N
070 O011700 Y
070 O021700 Y
070 P011700 N
070 P021700 N
070 Q011700 N
070 Q021700 N
070 R011700 N
070 R021700 N
071 A001700 0
071 B001700 0
071 C001700 0
071 D001700 0
072 A001700 7
072 B001700 0
072 C001700 0
072 D001700 0
072 E001700 1274
072 F001700 0
<PAGE> PAGE 12
072 G001700 3
072 H001700 0
072 I001700 37
072 J001700 0
072 K001700 0
072 L001700 14
072 M001700 0
072 N001700 9
072 O001700 0
072 P001700 2
072 Q001700 0
072 R001700 10
072 S001700 0
072 T001700 0
072 U001700 2
072 V001700 0
072 W001700 5
072 X001700 82
072 Y001700 82
072 Z001700 1274
072AA001700 0
072BB001700 644
072CC011700 18
072CC021700 0
072DD011700 0
072DD021700 0
072EE001700 0
073 A011700 0.5200
073 A021700 0.0000
073 B001700 0.0000
073 C001700 0.0000
074 A001700 0
074 B001700 0
074 C001700 0
074 D001700 0
074 E001700 0
074 F001700 0
074 G001700 0
074 H001700 0
074 I001700 26241
074 J001700 0
074 K001700 26
074 L001700 1
074 M001700 9
074 N001700 26277
074 O001700 0
074 P001700 0
074 Q001700 0
074 R011700 0
074 R021700 0
074 R031700 0
<PAGE> PAGE 13
074 R041700 61
074 S001700 0
074 T001700 26216
074 U011700 3596
074 U021700 0
074 V011700 7.29
074 V021700 0.00
074 W001700 0.0000
074 X001700 85
074 Y001700 0
075 A001700 0
075 B001700 17853
076 001700 0.00
028 A012000 2424
028 A022000 299
028 A032000 0
028 A042000 5425
028 B012000 2409
028 B022000 297
028 B032000 0
028 B042000 2965
028 C012000 1715
028 C022000 541
028 C032000 0
028 C042000 3892
028 D012000 6646
028 D022000 299
028 D032000 0
028 D042000 2514
028 E012000 0
028 E022000 0
028 E032000 0
028 E042000 0
028 F012000 0
028 F022000 0
028 F032000 0
028 F042000 0
028 G012000 13194
028 G022000 1436
028 G032000 0
028 G042000 14796
028 H002000 0
055 A002000 N
055 B002000 N
056 002000 N
057 002000 N
058 A002000 N
059 002000 Y
060 A002000 N
060 B002000 N
061 002000 2500
<PAGE> PAGE 14
070 A012000 Y
070 A022000 N
070 B012000 N
070 B022000 N
070 C012000 Y
070 C022000 N
070 D012000 N
070 D022000 N
070 E012000 Y
070 E022000 N
070 F012000 N
070 F022000 N
070 G012000 Y
070 G022000 N
070 H012000 N
070 H022000 N
070 I012000 N
070 I022000 N
070 J012000 Y
070 J022000 N
070 K012000 Y
070 K022000 Y
070 L012000 N
070 L022000 N
070 M012000 N
070 M022000 N
070 N012000 Y
070 N022000 N
070 O012000 Y
070 O022000 N
070 P012000 Y
070 P022000 N
070 Q012000 N
070 Q022000 N
070 R012000 N
070 R022000 N
071 A002000 0
071 B002000 0
071 C002000 0
071 D002000 0
072 A002000 4
072 B002000 0
072 C002000 0
072 D002000 0
072 E002000 1578
072 F002000 0
072 G002000 11
072 H002000 0
072 I002000 106
072 J002000 0
072 K002000 0
<PAGE> PAGE 15
072 L002000 0
072 M002000 0
072 N002000 5
072 O002000 0
072 P002000 0
072 Q002000 0
072 R002000 11
072 S002000 1
072 T002000 0
072 U002000 0
072 V002000 0
072 W002000 9
072 X002000 143
072 Y002000 30
072 Z002000 1465
072AA002000 0
072BB002000 170
072CC012000 0
072CC022000 2847
072DD012000 1465
072DD022000 0
072EE002000 278
073 A012000 0.1300
073 A022000 0.0000
073 B002000 0.0300
073 C002000 0.0000
074 A002000 0
074 B002000 0
074 C002000 0
074 D002000 0
074 E002000 0
074 F002000 0
074 G002000 0
074 H002000 0
074 I002000 115821
074 J002000 1
074 K002000 14
074 L002000 0
074 M002000 1
074 N002000 115837
074 O002000 8
074 P002000 3
074 Q002000 0
074 R012000 0
074 R022000 0
074 R032000 0
074 R042000 136
074 S002000 0
074 T002000 115690
074 U012000 11175
074 U022000 0
<PAGE> PAGE 16
074 V012000 10.35
074 V022000 0.00
074 W002000 0.0000
074 X002000 270
074 Y002000 0
075 A002000 0
075 B002000 114761
076 002000 0.00
SIGNATURE GEORGE A. RIO
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 annual report
dated July 31, 1999 for the J.P. Morgan Tax Exempt Bond Fund and is qualified in
its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 432,436
<RECEIVABLES> 3
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 432,442
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 757
<TOTAL-LIABILITIES> 757
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 416,347
<SHARES-COMMON-STOCK> 36,670
<SHARES-COMMON-PRIOR> 36,145
<ACCUMULATED-NII-CURRENT> 118
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,964
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,256
<NET-ASSETS> 431,685
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,626
<OTHER-INCOME> 0
<EXPENSES-NET> 1,278
<NET-INVESTMENT-INCOME> 17,348
<REALIZED-GAINS-CURRENT> 4,012
<APPREC-INCREASE-CURRENT> (17,484)
<NET-CHANGE-FROM-OPS> 3,876
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 17,346
<DISTRIBUTIONS-OF-GAINS> 781
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,617
<NUMBER-OF-SHARES-REDEEMED> 13,229
<SHARES-REINVESTED> 1,137
<NET-CHANGE-IN-ASSETS> (7,540)
<ACCUMULATED-NII-PRIOR> 117
<ACCUMULATED-GAINS-PRIOR> 509
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,278
<AVERAGE-NET-ASSETS> 450,816
<PER-SHARE-NAV-BEGIN> 12.15
<PER-SHARE-NII> .46
<PER-SHARE-GAIN-APPREC> (.36)
<PER-SHARE-DIVIDEND> .46
<PER-SHARE-DISTRIBUTIONS> .02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.77
<EXPENSE-RATIO> .68
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Report of Independent Accountants
To the Shareholders and Trustees of
J.P. Morgan Tax Exempt Bond Fund
In planning and performing our audit of the financial statements of J.P. Morgan
Tax Exempt Bond Fund (the "Fund") for the period ended July 31, 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
July 31, 1999.
<PAGE>
This report is intended solely for the information and use of management and the
Trustees of the Fund and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
September 15, 1999
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 July 31, 1999 for the J.P. Morgan Emerging Market Debt Fund snd is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 26241
<RECEIVABLES> 26
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,277
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 61
<TOTAL-LIABILITIES> 61
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,379
<SHARES-COMMON-STOCK> 3,596
<SHARES-COMMON-PRIOR> 2,645
<ACCUMULATED-NII-CURRENT> 334
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,512)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15
<NET-ASSETS> 26,216
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1,274
<EXPENSES-NET> 1
<NET-INVESTMENT-INCOME> 1,273
<REALIZED-GAINS-CURRENT> (644)
<APPREC-INCREASE-CURRENT> 18
<NET-CHANGE-FROM-OPS> 647
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,274
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,250
<NUMBER-OF-SHARES-REDEEMED> 1,467
<SHARES-REINVESTED> 168
<NET-CHANGE-IN-ASSETS> 6,904
<ACCUMULATED-NII-PRIOR> 334
<ACCUMULATED-GAINS-PRIOR> (4,868)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 2
<GROSS-EXPENSE> 83
<AVERAGE-NET-ASSETS> 17,853
<PER-SHARE-NAV-BEGIN> 7.30
<PER-SHARE-NII> .49
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> .52
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.29
<EXPENSE-RATIO> 1.25
[AVG-DEBT-OUTSTANDING] 7
[AVG-DEBT-PER-SHARE] .00
</TABLE>
Report of Independent Accountants
To the Shareholders and Trustees
J.P. Morgan Emerging Markets Debt Fund
In planning and performing our audit of the financial statements of J.P. Morgan
Emerging Markets Debt Fund (the "Fund") for the period ended July 31, 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
July 31, 1999.
<PAGE>
This report is intended solely for the information and use of management and the
Trustees of the Fund and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
September 15, 1999
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 July 31, 1999 for the J.P. Morgan New York Tax Exempt Bond Fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 115821
<RECEIVABLES> 15
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 115836
<PAYABLE-FOR-SECURITIES> 8
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 138
<TOTAL-LIABILITIES> 146
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 116034
<SHARES-COMMON-STOCK> 11175
<SHARES-COMMON-PRIOR> 11181
<ACCUMULATED-NII-CURRENT> 21
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (178)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (187)
<NET-ASSETS> 115690
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1733
<OTHER-INCOME> 0
<EXPENSES-NET> 268
<NET-INVESTMENT-INCOME> 1465
<REALIZED-GAINS-CURRENT> (170)
<APPREC-INCREASE-CURRENT> (2847)
<NET-CHANGE-FROM-OPS> (1552)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1465
<DISTRIBUTIONS-OF-GAINS> 278
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1260
<NUMBER-OF-SHARES-REDEEMED> 1403
<SHARES-REINVESTED> 137
<NET-CHANGE-IN-ASSETS> (3461)
<ACCUMULATED-NII-PRIOR> 21
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 298
<AVERAGE-NET-ASSETS> 114761
<PER-SHARE-NAV-BEGIN> 10.66
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> (.28)
<PER-SHARE-DIVIDEND> .13
<PER-SHARE-DISTRIBUTIONS> .03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.35
<EXPENSE-RATIO> .70
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Report of Independent Accountants
To the Shareholders and Trustees of
J.P. Morgan New York Tax Exempt Bond Fund
In planning and performing our audit of the financial statements of J.P. Morgan
New York Tax Exempt Bond Fund (the "Fund") for the period ended July 31, 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
July 31, 1999.
<PAGE>
This report is intended solely for the information and use of management and the
Trustees of the Fund and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
September 15, 1999
