<PAGE> PAGE 1
000 B000000 11/30/99
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007 C011000 10
007 C011100 11
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007 C011300 13
007 C011400 14
007 C011500 15
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007 C011600 16
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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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SIGNATURE GEORGE A RIO
TITLE ASST. 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
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Fund and is qualified in its entirety by reference to such annual report.
</LEGEND>
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<NET-CHANGE-IN-ASSETS> 12494
<ACCUMULATED-NII-PRIOR> 1101
<ACCUMULATED-GAINS-PRIOR> (6690)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 3
<GROSS-EXPENSE> 251
<AVERAGE-NET-ASSETS> 55821
<PER-SHARE-NAV-BEGIN> 10.04
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 2.93
<PER-SHARE-DIVIDEND> 0.30
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.88
<EXPENSE-RATIO> 1.18
[AVG-DEBT-OUTSTANDING] 50685
[AVG-DEBT-PER-SHARE] 0.01
</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 November 30, 1999 for the J.P. Morgan European Equity Fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 13790
<RECEIVABLES> 69
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13859
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 597
<TOTAL-LIABILITIES> 597
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11571
<SHARES-COMMON-STOCK> 777
<SHARES-COMMON-PRIOR> 966
<ACCUMULATED-NII-CURRENT> 68
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (49)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1672
<NET-ASSETS> 13262
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 141
<EXPENSES-NET> 64
<NET-INVESTMENT-INCOME> 77
<REALIZED-GAINS-CURRENT> 267
<APPREC-INCREASE-CURRENT> 1265
<NET-CHANGE-FROM-OPS> 1609
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 192
<DISTRIBUTIONS-OF-GAINS> 10
<DISTRIBUTIONS-OTHER> 58
<NUMBER-OF-SHARES-SOLD> 447
<NUMBER-OF-SHARES-REDEEMED> 650
<SHARES-REINVESTED> 15
<NET-CHANGE-IN-ASSETS> (1640)
<ACCUMULATED-NII-PRIOR> 111
<ACCUMULATED-GAINS-PRIOR> (212)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 106
<AVERAGE-NET-ASSETS> 13586
<PER-SHARE-NAV-BEGIN> 15.42
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 1.74
<PER-SHARE-DIVIDEND> 0.20
<PER-SHARE-DISTRIBUTIONS> 0.07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.06
<EXPENSE-RATIO> 1.48
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
2
Report of Independent Accountants
To the Trustees and Shareholders of
J.P. Morgan Prime Money Market Fund
J.P. Morgan European Equity Fund
J.P. Morgan International Opportunities Fund and
J.P. Morgan Tax Exempt Money Market Fund
In planning and performing our audit of the financial statements of J.P. Morgan
Prime Money Market Fund, J.P. Morgan European Equity Fund and J.P. Morgan
International Opportunities Fund for the year ended November 30, 1999 and J.P.
Morgan Tax Exempt Money Market Fund (the "Funds") for the period ended November
30, 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
November 30, 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.
January 14, 2000
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 November 30, 1999 for the J.P. Morgan Tax Exempt Money Market Fund
and is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 1606814
<INVESTMENTS-AT-VALUE> 1606814
<RECEIVABLES> 0
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1606822
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3387
<TOTAL-LIABILITIES> 3387
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1603932
<SHARES-COMMON-STOCK> 1603587
<SHARES-COMMON-PRIOR> 1636496
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (497)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1603435
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13205
<OTHER-INCOME> 0
<EXPENSES-NET> 1199
<NET-INVESTMENT-INCOME> 12006
<REALIZED-GAINS-CURRENT> (189)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11817
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12006
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1505054
<NUMBER-OF-SHARES-REDEEMED> 1542332
<SHARES-REINVESTED> 4369
<NET-CHANGE-IN-ASSETS> 33098
<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> 1199
<AVERAGE-NET-ASSETS> 1609486
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.008
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.008
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.50
[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 annual report
dated November 30, 1999 for the J.P. Morgan Prime Money Market Fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 2891075
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 22
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2891097
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6156
<TOTAL-LIABILITIES> 6156
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2885324
<SHARES-COMMON-STOCK> 2884964
<SHARES-COMMON-PRIOR> 2806657
<ACCUMULATED-NII-CURRENT> (210)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (174)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2884940
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 148334
<EXPENSES-NET> 8639
<NET-INVESTMENT-INCOME> 139695
<REALIZED-GAINS-CURRENT> (128)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 139567
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 139421
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22155198
<NUMBER-OF-SHARES-REDEEMED> 22161736
<SHARES-REINVESTED> 84845
<NET-CHANGE-IN-ASSETS> 78452
<ACCUMULATED-NII-PRIOR> (81)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (448)
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8639
<AVERAGE-NET-ASSETS> 2921977
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.048
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.048
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
